Challenge

 

Posco Group, as a world leader in steel manufacturing, sought advisory support to improve the responsible sourcing policy, strategy and due diligence implementation framework, to live up to investors' and buyers' expectations. 

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Solution

 

Over the course of a 6-month guidance, the team supported insights and awareness, policy, strategy and processes around to guide the company in their business' responsibility to conduct due diligence, and comply with (inter alia) industry standards for minerals and cobalt, EU and US legislation and general UNGP and OECD frameworks.

Tasks included: to assess and enhance business strategy on responsible sourcing of minerals, towards alignment with OECD supply chain mapping for 3T, gold and cobalt, conduct a maturity fit-gap assessment, develop a benchmarking study on responsible minerals, responsible minerals action plan, broad analysis of materiality and supply chain risks, propose an enhanced due diligence risk management system, advise on supplier code of conduct and supplier management, advise on minerals sourcing policy, propose a grievance mechanism, develop risk and impact case-studies, and conduct training of key staff on environment, social, corruption and other risks.

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This project was part of a collaboration with HIVE responsible sourcing expert network and implemented in collaboration with Deloitte Korea (Risk/Sustainability). 

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Deliverables​

As part of the recommendations and end-report, the team held strategic workshops with the Management to present and discuss findings and further work to be done. 

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