KB Securities joins UNGC to strengthen ESG leadership

KB Securities co-CEOs Kim Sung-hyun, left, and Park Jung-rim, center, pose for a photo with UNGC Network Korea Secretary General Kwon Choon-taek at the brokerage firm's headquarters in Yeouido, Seoul, Friday. Courtesy of KB Securities

By Anna J. Park

KB Securities said it has joined the U.N. Global Compact (UNGC) earlier this month, in a move to strengthen its environmental, social and corporate governance (ESG)-principled responsibilities.

The brokerage firm's co-CEOs, Kim Sung-hyun and Park Jung-rim, added their signatures to join the global compact network backed by the U.N. in a ceremony held at the firm's Yeouido headquarters last Friday, which was also attended by UNGC Network Korea Secretary General Kwon Choon-taek.

The UNGC is a voluntary international agreement that puts emphasis on corporate social responsibility, aiming to mobilize a global movement for the goal of achieving sustainable development. Currently, over 19,000 institutions around the world, including 165 countries and 15,478 companies and civic groups, have joined the initiative.

As the core value of the U.N.-backed network group is aligning business strategies and operations based on the principles of human rights, labor, environment and anti-corruption, members are required to submit their communication on progress (COP) reports every year.

“We're grateful for KB Securities' proactive participation in the initiative and their willingness to implement ESG-principled management,” Kwon said. “We hope KB Securities will further grow into a leading firm, serving customers and social development by fully assuming its social responsibility.”

KB Securities plans to internalize the core values and principles of UNGC and share the implementation results with shareholders. In 2020, KB Securities became the first local brokerage firm in Korea that set up its ESG committee within its board, and devised key strategies that combine investments and ESG goals.

“With its participation in UNGC, KB Securities plans to build a close cooperative relationship with global leaders to contribute to the resolution of cross-national problems,” the co-CEOs of the firm stated.

“As a key subsidiary of KB Financial Group, the firm will lead sustainable management efforts by implementing such global initiatives.”