POSCO announced on Jan. 6 that it has recently joined the Value Balancing Alliance (VBA), a global business alliance launched in 2019 to develop global ESG standards.
The VBA develops new concepts to measure the value of corporate behavior and business models in real life – to translate environmental and social impacts into comparable financial data.
Twenty-four global companies, including BASF (the chair company), BMW, Bosch and SK, are VBA members. POSCO is the steel company in the world to join the alliance.
POSCO declared its corporate citizenship management philosophy in 2018 and has since 2019 been measuring and managing corporate citizenship performances in monetary value.