Korea Eximbank holds first ESG committee meeting

The Export-Import Bank of Korea (Korea Eximbank) held its first ESG committee meeting at the headquarters of the bank on Yeouido, Seoul, Wednesday. The ESG committee is led by Committee Chair Tammy Chung, third from left, who stands next to Korea Eximbank President Bang Moon-kyu, fourth from left. Courtesy of Korea Eximbank

By Anna J. Park

In an effort to accelerate ESG-principled sustainable management, the Export-Import Bank of Korea (Korea Eximbank) held its first ESG committee meeting on Wednesday at the bank's headquarters on Yeouido, led by Committee Chair Tammy Chung, a business administration professor at Myongji University.

Chung is expected to supervise and direct both the state-run bank's internal and external activities designed to achieve its environmental, social and corporate governance goals and visions.

"In the past, a company's financial factors and short-term performances were significant. Yet now, companies require new management that considers non-financial factors like environmental, social and corporate governance elements to achieve sustainable development," ESG Committee Chair Chung Tammy said. "Korea Eximbank is aiming to show exemplary ESG management as a state-run bank, while it consolidates ESG-principles into the bank's entire work process," she added.

During the meeting, Korea Eximbank President Bang Moon-kyu, who's also a member of the bank's ESG committee, stressed the need for increasing the role of the finance sector in responding effectively to global climate change.

In September, the three-member ESG committee was launched inside the bank's board of directors, planning to supervise and deliberate on the state-run bank's ESG-related achievements and goals. The ESG committee is composed of Tammy Chung, the committee chair, and two other members: Korea Eximbank President Bang Moon-kyu and the bank's independent director, Yu Bok-hwan.

The bank also appointed three advisors for the committee: Seoul National University Graduate School for Environmental Studies Professor Zoh Kyung-jin, Korea Capital Market Institute President Shin Jhin-young, and former Vice Chair of the Anti-corruption and Civil Rights Commission Kim In-su.

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