Samsung today released the latest edition of its sustainability report meant to illustrate the forethought that goes into the company's business decisions. The 136-page document unsurprisingly puts Samsung's COVID-19 response front and center. After all, the effects of the ongoing health crisis are already permeating Samsung's many operations across the planet, so solving the novel coronavirus pandemic is certainly near the top of the chaebol's priority list.
Samsung intends to do so by continuing to invest in countless bleeding-edge technologies, as well as seeking input from its employees of all backgrounds. Its 2020 sustainability report hence reveals the firm organized a massive online forum encompassing over 100,00 employees for the sole purpose of solving the COVID-19 outbreak. The happening, held in April, shaped Samsung's early response to the pandemic, including its decision to form a dedicated crisis team and implement strict quarantine measures minimizing employee infection cases.
Nearly $2 billion in relief efforts
Additionally, Samsung already provided the equivalent of $830 million worth of funds at zero- and low-cost interest rates to businesses affected by the crisis. The conglomerate's recent relief efforts also included advanced payments to its many suppliers totaling some $1.08 billion, the report reveals. Moving forward, Samsung intends to continue doubling down indirect contributions to the global COVID-19 fight in the form of consumer products and services such as smartwatch apps and charity initiatives.
The 2020 sustainability report also reveals Samsung's increased focus on education initiatives meant to minimize the chances of another global pandemic happening in the future. Samsung itself previously acknowledged it has yet to feel the worst effects of the coronavirus crisis, though it's not like its production output isn't already sufferring.
