Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
JB Financial earns top ESG rating from MSCI
JB Financial Group headquarters in Jeonju, North Jeolla Province / Courtesy of JB Financial Group
By Lee Yeon-woo
JB Financial Group said Monday that it has received the highest grade in the environmental, social and corporate governance (ESG) rating conducted by Morgan Stanley Capital International (MSCI).
Each year, MSCI evaluates the sustainability practices of about 8,500 publicly listed companies worldwide. The ratings range across seven levels, from AAA to CCC. Only the top 9 percent of banking sector firms achieve the prestigious AAA rating.
In this year's assessment, JB Financial Group outperformed the global banking industry average in key areas such as green finance, human capital development, financial accessibility and corporate governance.
The group said it has established company-wide ESG management, led by an ESG committee made up exclusively of board members. This is complemented by an ESG council comprising senior executives and working-level leaders from both the holding company and its subsidiaries.
Last year, its subsidiaries Jeonbuk Bank and Kwangju Bank also became the first in the Korean banking sector to sign power purchase agreements for renewable energy.
Building on that momentum, the group said it will continue to lead in sustainable finance.
This year, it launched Korea's first RE100-exclusive loan product in the primary banking sector. The group also remains actively engaged in social contribution initiatives through its employee-led volunteer organization, which supports marginalized communities including underprivileged children, adolescents and foreign workers.
"Following our inclusion in the Dow Jones Sustainability Korea Index last year, this latest recognition further validates our ESG performance," a JB Financial Group official said. "We remain committed to advancing authentic ESG practices through the continued implementation of impactful and practical strategies."