Hankook Tire participates in Tire Industry Project CEO meeting

- Tire Industry Project (TIP) drives research potential human health and environmental impacts of tires
- CEOs of ten leading tire manufacturers gathered online for TIP CEO meeting on sustainability issues
- Hankook Tire makes clear of its sustainability initiatives to pursue and realize sustainable mobility

Seoul, Korea, November 5, 2021 – Global leading tire company Hankook Tire participated in the Tire Industry Project (TIP) CEO meeting on November 4 to look through and take part in setting agendas for sustainability issues, demonstrating its strong commitment to sustainability.

Established in 2005, the TIP is a global CEO-led initiative undertaken by leading tire manufacturing companies to research potential human health and environmental impacts of tires throughout their lifecycle. The project operates under the World Business Council for Sustainable Development (WBSCD), a Swiss-based non-governmental organization to respond to sustainability challenges. TIP member CEOs meet biennially to review project progress and approve a two-year work plan.

Hankook Tire, taking sustainability as one of the key focal points, joined the project since 2005 as a starting member. This year, ten TIP member CEOs gathered online, taking consideration into COVID-19 situation, to review progress and confirm the ongoing mandate. These ten companies represent over 60% of the world’s tire manufacturing capacity.

In their review of the work programs of 2020-2021, CEOs praised delivering the work plan despite the pandemic. In particular, TIP member companies successfully published a sustainability roadmap for the tire sector “Sustainability Driven: Accelerating Impact with the Tire Sector SDG Roadmap”. It identifies how the tire value chain interacts with the UN’s Sustainable Development Goals (SDGs) and key actions to scale and accelerate contribution to the SDGs. CEOs emphasized that the Roadmap makes important contributions to sustainable mobility.

CEOs also acknowledged the progress in tire and road wear particle (TRWP) research and communication. They especially noted the creation of a website for sharing all TIP TRWP research that aims to an accessible multimedia introduction to the topic. The significance of recently published TIP-sponsored research, a series of successful end-of-life tire (ELT) management-stakeholder workshops, and the landmark publication of the TIP Toolkit for ELT management were also highly recognized.

Following the review of progress, the CEOs went on to set and affirm the 2022-2023 agendas. They confirmed improving the scientific understanding of TRWP remains a TIP high priority. The work plan will see further development of scientific methods and standards for TRWP research. With the aim to continue publishing state-of-knowledge reports on ELTs and further engage stakeholders to foster global-level improvement in sustainable ELT management, the CEOs approved plans for improved ELT-data collection and the establishment of a digital platform to share ELT data and support the exchange of good practices between ELT stakeholders.

Sooil Lee, President and CEO of Hankook Tire & Technology said, “The meeting proceeded on the consensus that we should save no efforts to reduce tire industry’s impacts to the environment and foster sustainable mobility.” He added, “Sustainability is not just a marketing initiative, but a genuine business philosophy for us. Throughout the 80 years of Hankook Tire’s existence, Hankook Tire has always operated with the mindset of contributing towards a better world. “

Hankook Tire has continuously made aggressive efforts to improve sustainability, and these efforts have been consistently recognized by renowned international organizations. Starting with its first inclusion on the Dow Jones Sustainability Indices (DJSI) World in 2011, Hankook Tire has been listed in the DJSI World for five consecutive years from 2016 to 2020. Hankook Tire has also received the highest rating from EcoVadis, one of the highest recognition for achievements in field of Corporate Social Responsibility, for three consecutive years. Last year, the company obtained leadership ratings from CDP (formerly Carbon Disclosure Project) in recognition of its performance in climate change response and water security.

Profile of Sooil Lee, President and CEO of Hankook Tire & Technology

Mr. Sooil Lee is CEO of Hankook Tire & Technology since 2021. Having dedicated his entire 35 year career since joining the company as a new recruit in 1987, Mr. Lee has played an integral role in leading Hankook Tire to become a leading global brand. Prior to becoming the CEO, Mr. Lee spent three years as Chief Operating Officer following his tenures as Head of regional Headquarters in Middle East, Europe, America, and China. Of these, Mr. Lee continues to lead the company’s Americas business along with his responsibilities as CEO of Hankook Tire. Mr. Lee earned his Bachelor’s Degree in Trade from Kyungpook National University in Korea, and his M.B.A. from the Michigan State University.