The ability to adapt and anticipate the future is coded in the DNA of LCY Chemical Corp. Faced with an increasing number of unpredictable risk factors in the future, we do not know what is going to happen “tomorrow.” What we know for sure is that when changes take place unexpectedly, LCY Chemical Corp. can adapt with ease because we can reflect on today while being grounded by tomorrow. We prepare in advance to lower the risks in core industries such as energy and petrochemicals. In the meantime, we create a better life and future for the world through distinguished green, plastic-reducing, and innovative products with a high value.
Essential Traits We Look for in Prospective Employees: Honesty and Integrity
Constituting the foundation of LCY Group, honesty and integrity are the foremost principles in our recruitment process. We carry out internal training based on the same principles in the pursuit of upgrading our main business in the chemical industry with talent that possess the “DNA of innovation.” Our next step is expanding to the green energy industry with products that are capable of supporting high-tech materials, with minimum pollution and maximum quality. The ultimate goal is becoming a world-class sustainable enterprise with a people-oriented approach.
We prioritize both economy and ecology. We aim at building three ecosystems of common good based on the corporate philosophy of "Eco+ Prosperity." We truthfully answer to employees and society at all times, strengthen stakeholder communications, as well as share our sustainable development goals, vision, product applications and services with the outside world.
TH Hong, Chairman
LCY ESG Chairman
Dedicating our efforts to the development of sustainable products with low pollution, low carbon emissions and low energy consumption is one of the most fundamental and direct ways of fulfilling CSR.
In 2019, the second phase of our Nanzi R&D center was inaugurated to develop and produce materials that are energy-saving, carbon-reducing, lightweight, high-performing, and fully recyclable. We hope to maximize the inpact of sustainable responsibility through by optimizing our core business, building a circle of trust based on shared prosperity, boosting local economic momentum, as well as engaging in active innovation and transformation through R&D.
2019 was also the year when we started partnering with the global investment company, KKR. Taking advantage of KKR's abundant global resources, we aimed at gaining new growth momentum through mergers and acquisitions by taking advantage of KKR's abundant global resources, introducing new management models and concepts, expanding our core business, as well as recruiting outstanding talent to propel the Group into the next stage of growth.
As a corporate citizen, we will further our efforts in corporate governance and a culture of CSR to ensure that we are a good citizen in the communities where we operate.
Vincent Liu, CEO
LCY ESG Deputy Chairman
Lessening our dependence on petroleum as a raw material while developing high-value products are eco-friendly and with potentials for explosive growth have always been our goals for sustainable operations.
Looking back on 2019, we have experienced breakthroughs and progress in R&D capability, green chemistry and biotechnology. Created with the concept of circular economy, the recyclable and reusable EIPA is being purchased by major international players in the semiconductor industry. Our Canada-based subsidiary, LCY Biosciences Inc,. has produced succinic acid by fermenting biomass raw materials. This is an important monomer of biodegradable plastic and the raw material world-class consumer goods companies adopt for manufacturing biodegradable plastic products.
We continue to develop cost-effective solutions that meet customer needs for enhanced efficiency. From reducing vehicle emissions to material optimization, from improving building insulation to extending product life, from reducing water consumption to developing products that embody circular economy, “products that improve resource efficiency” will allow LCY Chemical Corp. and its customers to realize the vision of Eco+ Prosperity, strengthen the competitive positioning, and benefit from enhanced brand value.
CJ Lee, Chief Operating Officer
LCY ESG Officer
Urgent crises such as climate change and global warming have prompted mankind to pursue higher material efficiency or lower energy consumption and emissions. Products from the chemical industry can improve the efficiency of many applications.
In the second quarter of 2019, we introduced an ESG Standards for regulatory purposes and incorporated them in the decision-making mechanism. We adopted the Sustainability Accounting Standards of the Sustainability Accounting Standards Board, SASB with 100% "Wall Street DNA" as the framework for disclosure, pinpointing 11 substantive issues related to the Group’s operations based on environmental (E), social (S) and governance (G) factors. The issues were then managed by departments with different functions to formulate "short-, medium- and long-term goals," as to build the LCY ESG strategy.
As the first chemical company that introduced ESG and SASB standards in Greater China, we work with the chemical industry and all stakeholders to formulate and promote consistent standards while sharpening our core competitive edge and leveraging our status as the trailblazer, to create Eco+ Prosperity with the world.
ESG Committee under the Board of Directors
Under the Board of Directors, our ESG Committee features the Chairperson as the Chairman and the CEO as the Deputy Chairman of the Committee. The seven sustainability teams of the Committee report to the Board of Directors regularly and are subject to supervision, so that our vision and blueprint of sustainability can be integrated with the enterprise’s core competences.
Integrate two major metrics. Bring ESG issues to light
In the second quarter of 2019, we introduced an ESG Standards for regulatory purposes and incorporated them in the decision-making mechanism. We integrated two major metrics, namely, the Sustainability Accounting Standards - Chemicals promulgated by the SASB and the GRI Standards promulgated by the Global Reporting Initiatives, GRI, to form a disclosure framework. 11 substantive issues related to the Group’s operations were pinpointed, disclosing ESG issues.