IBK joins UN initiative on workplace gender equality

By Yi Whan-woo

The Industrial Bank of Korea (IBK) has joined a U.N initiative on gender equality at the workplace, the bank announced Thursday.

It said its joining of the Women's Empowerment Principles (WEPs) is in accordance with its Chairman and CEO Yoon Jong-won's commitment to increasing representation of women and promotion of gender equality as part of the bank's work culture.

The bank also noted the joining of the WEPs is a part of its efforts to better observe environmental, social and corporate governance (ESG) principles that have been embraced by the corporate and financial sectors worldwide.

“Gender diversity in the workplace is a matter of fairness, not favoring a particular side,” Yoon said in a press release. “I hope the value of diversity drives momentum for sustainable growth that all of us can enjoy.”

The WEPs was launched jointly by the U.N. Global Compact and U.N. Women in 2010.

It has seven main principles: Establish high-level corporate leadership for gender equality; treat all women and men fairly at work; ensure the health, safety and well-being of all female and male workers; promote education, training and professional development for women; implement enterprise development, supply chain and marketing practices that empower women; promote equality through community initiative and advocacy; and measure and publicly report on progress to achieve gender equality.

Women account for 32 percent of IBK's management positions. The rate is higher than the 15 percent for listed companies nationwide and 20 percent for the entire banking industry. It is also close to the OECD average of 33.2 percent.

Concerning ESG management, IBK was rated A, up from B+, by the Korea Corporate Governance Service (KCGS) this year.