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PSPD    People's Solidarity for Participatory Democracy

  • Int. Solidarity
  • 2021.06.30
  • 257

As the largest shareholder of POSCO, the National Pension Service should actively exercise its shareholder rights regarding POSCO's Myanmar investments.

Disclosure letters were sent to the National Pension Service's Fund Management Committee and Special Committee on Responsible Investment & Governance.

 

Today, as of June 30th, the Korean Civil Society in Support of Democracy in Myanmar (104 CSOs) sent disclosure letters to the National Pension Service's Fund Management Committee and Special Committee on Responsible Investment & Governance. The letter requested the National Pension Service to actively exercise its shareholder rights to halt POSCO's Myanmar investments, including the Shwe Gas field. 

 

The Korean Civil Society in Support of Democracy in Myanmar noted that despite Netherlands APG's concern over POSCO's irresponsible investments to the Myanmar military government, the National Pension Service had not taken any action. Thus, the National Pension Service's Fund Management Committee should proceed with the materiality assessment regarding POSCO's investments. Also, the ESG evaluation adjustment and a meeting with the company were requested. Lastly, halting POSCO's cooperation with and compensating the Myanmar military junta was requested as well.

 

The disclosure letter delineated the followings: POSCO's C&C is partnering with the Myanmar Economic Holdings Limited, which is sanctioned by the international community, including the United States, European countries, and the United Nations, POSCO International is partnering with Myanmar Oil and Gas Enterprise (MOGE) and the Shwe Gas field which are prominent sources of funding for the Myanmar military government, selling LPD for the Myanmar military government amid solid criticisms from the international community due to Rohingya genocide, POSCO is maintaining its hotel business partnership with the Myanmar military government and investing millions of dollars annually, even though POSCO's business management philosophy is "Corporate Citizenship: Building a Better Future Together". The corporation is sharing its profit with the Myanmar military junta which has massacred innocent civilians.  

 

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