Nexen Tire’s Commitment to ESG Management Recognized Globally
— Achieved ‘Gold Medal’ in EcoVadis, Ranking in the Top 3%–
RICHFIELD, Ohio, (July 25, 2024) — Nexen Tire America, Inc., a worldwide leader in high-performance, passenger, SUV/light truck and winter tire technology, today announced significant strides in its commitment to ESG management. Nexen Tire published its 2023/2024 ESG report and earned the ‘Gold Medal’ in EcoVadis, a global ESG rating agency.
EcoVadis is the world’s largest ESG ratings platform used by more than 130,000 companies in 180 countries around the world. EcoVadis evaluates a company’s overall sustainability such as environment, labor & human rights, ethics and sustainable procurement.
Nexen Tire has consistently improved its rating, starting with a Bronze rating in 2021, followed by Silver ratings in 2022 and 2023 and now achieving a Gold rating this year. The Gold medal signifies a top 5% placement. Nexen Tire ranked in the top 3% with outstanding evaluations in Environment and Human Rights and significant improvement in Ethics and Sustainable Procurement.
Since 2020, Nexen Tire has annually published ESG reports detailing its ESG management activities and achievements to enhance communication with stakeholders. This year’s report, the first published since the establishment of the ESG Management Committee under the Board of Directors, includes analysis and goal disclosure following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD.) ESG evaluations of the supply chain include raw materials, logistics and services, and goals for the application rate of sustainable raw materials and the proportion of eco-friendly product sales.
Nexen Tire’s effort to manufacture eco-friendly products has been recognized by various evaluations. Last year, Nexen Tire’s all-weather tire N’ Blue 4Season 2 received ‘The Green Tire’ rating from leading European automotive magazine Auto Bild. Earlier this year, the company also received a B rating, an improvement from the previous year, in the climate change impact evaluation by Carbon Disclosure Project (CPD) an international non-profit organization.
In addition to its stellar ESG ratings, Nexen Tire has been proactive in various initiatives to bolster human rights. As a member of the UN Global Compact (UNGC) since 2023, Nexen Tire adheres to the 10 principles related to human rights, labor and the environment and participates in various events to enhance its capabilities in embedding human rights management.
Since 2020, Nexen Tire has been a member of the Global Platform for Sustainable Natural Rubber (GPSNR) contributing to the sustainable supply chain formation of natural rubber, the primary raw material for tires. In 2022, the company was also recognized for its information protection efforts by obtaining the Trusted Information Security Assessment Exchange (TISAX) certification from the German Association of the Automotive Industry.
“Our consistent efforts to implement ESG management are yielding results in various areas,” said David Siebert, marketing manager for Nexen Tire America, Inc. “We will continue to strengthen our ESG management to positively impact the environment and society.”
The 2023/24 Nexen Tire ESG report can be viewed and downloaded from the company’s official website.