LG stands for Lucky Goldstar. It refers to a company that produces, sells, and markets electronic products to its end-users. It is a South Korean multinational company with headquarters in Yeouido dong. The plan of this company is always to achieve greatness in its operations. It works to elevate the quality of life with quality products and services.
These products are customized as per the desires of industrial users. Expert craftsmanship works to achieve high standards of product quality. A better quality workforce helps in dedicating all the energies to a productive outlet. LG turns out to be a leading manufacturer of consumer and commercial products.
Policies of LG Company
It adopts an ESG policy that includes an Environmental product policy: environmental product policy follows energy, environment, safety, health, which focuses on the implementation of an eco-friendly, safe, innovative manufacturing process and ensuring levels of productivity and employee health. The main aim of this policy includes:
- Prioritizing the interest of stakeholders and considering the impact of company decisions regarding products and services.
- Enhancing the quality of management levels through compliance to various rules and standards for successful implementation of its programs.
- To reduce the chances of environmental hazards by giving priority to product designs, manufacturing process, use, and disposal of environment-friendly products.
- Serving society through the ethical use of resources and generating employment opportunities for the people.
- Keeping a close eye on climate changes, environmental impacts, industrial health, safety measures, and informing the stakeholders associated with the company about their decisions.
- All employees to adhere to such a policy and voluntarily participate in activities of energy consumption reduction, saving the resources and channelizing the similar by recycling old items, putting them to appropriate use.
- To make efforts regarding a complaint with EESH management principles to improve the working of the organization.
Board of Directors
- It has an advanced setting of the board of directors, giving a better shape to the corporate governance structure.
- A professional administrator works to handle tasks of important value.
- There is no screening of managerial roles, and transparency is ensured to add value to the managing enterprise.
- It works to strengthen competitiveness at national and international levels.
- The structure is advanced to facilitate efficient working of the whole organization.
List of board of directors
The list of a dedicated board of directors includes the roles of:
- Audit Committee with three outside directors.
- Outside director candidate recommendation.
- Management Committee - two executive directors, one none executive director.
Compensation and evaluation of board of directors
- The compensation of the board of directors is made after approval at the general shareholder's meeting.
- This evaluation is conducted yearly by LGE.
- The role of top management is assessed in order to determine whether they have achieved the set objectives or not; their quantitative achievements are to be taken to account, and other none - quantitative elements also serve as proof of entire labour.
- Their capabilities are assessed through a fair mechanism, and in the end, appropriate compensation for them is decided by the company.
- It focuses on removing the circulating investment structure of holding companies.
- It focuses on its own business.
- Complete managerial transparency is ensured.
- Strengthens competitiveness at both levels to maximize shareholder value.
Overview of LG products
- To communicate and achieve the motto," Life is Good," to discern and arouse sensibility in consumers.
- Home appliances and Air solution: Refrigerators, washing machines, dishwashers, air purifiers, cooking appliances, etc.
- Home Entertainment: Television, Audio and Video, Monitors, Pc, Accessories, and commercial products.
- Vehicle component Solutions: In-vehicle infotainment, HVAC, Motor, Vehicle Engineering.
- Business solutions: Commercial display solutions, solar solutions, energy storage systems.
History of LG
- It was established in 1958 to advance in the digital era.
- It aimed at launching new products by applying new and diverse technologies to mobile devices in the 21st century.
- In 2011, it successfully launched shutter glasses 3D televisions.
- In the next year, i.e., in 2012, it launched 84-inch ultra-HD TV.
- In 2016, it introduced LG signatures premium first time in the market.
Vision of LG
- It aims to become a market-leading company and establish its goodwill.
- To broaden the market of its products and earn the recognition of its brand.
- It works on constant development through ethical practices.
- To achieve greatness through fair management techniques.
- The constant development of skills for business purposes.
- A philosophy that LG's current practices are ethical and contribute towards accomplishing business activities.
Code of ethics
- It gives emphasis on creating value for its customers on the notion of creating value and earning value through a respect-based system based on treating the customer as supreme and vital for the success of its company.
- In a free economy, it promises to uphold the dignity of customers and develop a sense of mutual faith and trust in the market.
- In this way, it seeks to broaden its management and encourage shareholders to invest in its company.
It is a wonderful brand with a futuristic logo that states, "Life's Good," a representation of what this brand stands for.
Due to its brand worthiness and a decent image in the minds of its consumers, it stands to compete with several rivals that supply the same goods and work to develop their share in the market. These include - Apple, Philips, Samsung, Panasonic, etc.
Compliance of conduct
- It gives utmost importance to "winning by the rules," which states that strictly adhering to local laws and legislation can bring a competitive strength to the company and help in achieving the set objectives.
- It pledges to adopt fair practices and uphold the highest principles of conduct.
- The employees should live in the company until they follow the standards and norms prescribed by the company.
- Not only does a company's objective matter, but also individual goals matter in every company. Employees are given the option to work on their growth and realize their self objectives. In this way, human assets are developed in the organization.
Recruitment and placements
- At LG, the aim is to recruit, hire and compensate the right people or human assets for the organization.
- By right people, they mean people who are competitive and innovative, who are motivated intrinsically to give their best in the organization.
- They are ready to accept challenges and work on channelizing their creativity in upcoming projects of the company.
- These people put their best in serving the customers, treating them like a boss, and placing them on top priority. Customer service is at its best, and complaints and redressal are given receptive heed.
- People who value integrity and feel a sense of commitment towards their organization.
LG company: Investor relations
- It provides reports on corporate governance so that several stakeholders and shareholders connected with the company can comprehend how the company is managed.
- It gives investors a chance to invest in their shares on the stock exchange with the company's listing through the assistance of brokers. Brokers residing near an investor's home or a nearer location to it can be contacted for investments if they live outside Korea.
- It conducts several events and gives out the information about its earnings every year and that too in a fair manner. Disclosure of earnings is a good way of retaining the present investors and giving a chance to the newly entered to invest and become shareholders.
Plans of LG company for the future
LG company aims to achieve a high level of innovations and advancements in its upcoming products. It aims to achieve high standards of improvements in its products through research and studying customer behavior, tastes and preferences in national and international markets. Some of its future goals include:
- Boosting B2B sector:
It aims at maintaining 30 percent growth every year while maintaining an investment below 2000 crore. It works on business solutions and framing necessary products for such purposes. It expects tremendous growth from the railways by concentrating on-air solutions and taking investment of about 2000 crore. The reason is that the government is fulfilling investments in B2B sectors at a fast rate than the total sales.
- Growth of smart homes
The growth of smart appliances and Wi-Fi-connected homes have broadened the vision for further growth in such services.
- Artificial Intelligence
AI is unfolding the market share. Being easily able to fit in smartwatches and other wearables have created a surge in today's technology. Several companies announced their lead in the meeting. LG at that time announced the development of Homebrew AI-enabled beer producer.
- The success rate of the company
LG is a well-known and reputed brand today. In terms of luxury items, it has become a high-quality brand known to every household, child, professional, and government. Because of its better services and top-notch products, it has become a highly preferred brand in the global market. It has surged to high rank and level 4 in the industry.