SM Entertainment Will Give Momentum to Sustainability Movement in 2023
Sustainability in business is a concept meant to prevent the depletion of natural or physical resources so that they remain available for the long term. Awareness and an understanding of the concept and urgency of sustainability in business is becoming increasingly important for investors.
Observers and experts call sustainability a wise step for profitable business growth, while at the same time sustaining nature and improving people's lives.
SM Entertainment is the First Korean Entertainment Company to Declare a "Sustainability Forum" Campaign
SM Entertainment is a pioneer company that has created many acting and music idols in South Korea that are world famous.
In 2023, SM Entertainment will provide the momentum to start a "Sustainability Movement." SM Executive Producer Soo-man Lee is planning a greening festival entitled "Tree Planting K-Pop Festival." To open the campaign, at the end of December 2022 SM Entertainment released the project’s theme song, "The Cure," one of the title tracks of the SMTOWN winter album, which carries a message of brotherhood in protecting the environment.
SM Entertainment also participated in implementing an Environmental, Social, and Governance (ESG) program in May 2022 and was the first Korean agency to register with the United Nations Global Compact (UNGC) in June 2022.
Entertainment Industry Sustainability and Correlation by SM Entertainment
SM Entertainment is aligned with the United Nations Sustainable Development Goals (UN SDGs) and is committed to taking on an active role in achieving the UN SDGs. From the initial alignment, SM Entertainment has taken deliberate steps in identifying specific targets to focus on SM's strategic investments and initiatives.
SM's Path to Sustainable Growth Impact to Date
SM Entertainment serves as a catalyst for development in the communities where we are active. Our Path to Sustainable Growth is focused on energizing local economies wherever SM operates and to:
- Provide Inclusive Economic Opportunities
- Facilitate Development
- Promote Environmental Responsibility
- Create Positive Community Impact
- Drive Sustainable Growth
Supporting Communities – Social Development Framework
Wherever SM is present, the SM Foundation helps create opportunities using its Social Development Framework – an intersection of access to basic social services such as education, healthcare, food sufficiency and shelter. The Foundation is a member of the SM group-wide sustainability technical-working group and its framework is aligned with the SM group’s Sustainability Framework.
According to Global Reporting Initiative (GRI) Sustainability Reporting Standards (GRI Standards), sustainability reporting is a communication tool that provides transparency on how a company manages and addresses its significant impacts on the economy, environment and people including impact on its human rights (according to the latest version, GRI Standards 2021).
Sustainability reporting has been growing rapidly in recent years mainly due to the increased demand for Environmental, Social and Governance (ESG) information from investors that consider ESG issues in their investment decision-making process.
Moores Rowland Indonesia provides assistance for Indonesian companies that assures they develop their sustainability reports in accordance with the OJK regulation. In addition, we help companies in Indonesia and beyond in writing their sustainability reports in accordance with GRI Standards. Please get in touch with us via the following email addresses for additional details on our services: contact-Jakarta@moores-rowland.com or contact-Bali@moores-rowland.com.
**By: Stefani W. Anggraeni — Marketing Communications & Social Media Specialist