Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Woori Financial Group to apply ESG principles at all subsidiaries
The headquarters of Woori Financial Group in central Seoul / Korea Times file
By Anna J. Park
By Anna J. Park
Woori Financial Group, one of the four largest lenders in Korea, is set to apply environmental, social and governance (ESG) management principles to all of its subsidiaries and services. The three broad categories represent sustainable and socially responsible investing.
The financial giant announced Sunday that the decision was made at a meeting last Friday by its ESG management committee, which is composed of the lender's executive directors.
“The significance of the decision lies in the fact that Woori Financial Group can now systemically and effectively manage our own set of ESG finance criteria, which have combined and sorted out the financial sector's ESG policies, which previously had been scattered,” Son Tae-seung, Chairman of Woori Financial Group, said.
“The group will continue to lead efforts to create social values through consistent and exemplary ESG management,” the chairman added.
Woori Financial Group's ESG management criteria start off with a clear definition and the objectives of ESG investing, followed by a set of principles that aims to take on social and environmental responsibilities.
The principles will be applied to every key business model used by Woori Bank as well as by the other subsidiaries of Woori Financial Group. The group plans to share transparently the results of the ESG management system on a regular basis.
Aiming to raise the corporate value of the financial group over the long term, Woori Financial Group's ESG management committee also created a new set of policies ― ranging from human rights, taxation and diversity ― to meet global standards.
Since the end of last year, Woori Financial Group has been focusing on strengthening its ESG management model. The group launched the ESG management committee in January, with the chairman participating as a key member. The group is also set to announce its own ESG vision and detailed strategies in July.