Standard Chartered Bank Korea, KB Financial Group and Mirae Asset Daewoo were recognized for their best practices in corporate governance and ESG management, respectively, the companies said Wednesday.
SC Bank Korea, wholly owned by London-based Standard Chartered Bank, received the “A+” rating for a second consecutive year in the Korea Corporate Governance Service‘s corporate governance evaluation on companies‘ shareholder-friendly approach and sustainable management, the bank said.
The lender was recognized for its efforts for an independently operated board of directors. This year, the KCGS measured corporate governance scores of some 827 listed companies and financial companies in Korea.
“A fair corporate governance structure is key to sustainable management, which could drive up consumer trust. (SC Bank Korea) will continue efforts to take the lead in socially responsible management and governance,” said the SC Bank Korea CEO Park Jong-bok.
KB Financial Group was awarded the highest grade in every category of the ESG management -- a business model focusing on environmental, social and governance standards. The financial holding firm was recognized for various ESG initiatives, including corporate projects to halt financing construction of coal-fired power plants as well as internal committee to promote ESG-centered business activities.
South Korean brokerage firm Mirae Asset Daewoo also received the “A+” rating in the social category of the ESG management, up one level from the previous year.
To support the local small and medium-sized firms and venture firms, the brokerage house has provided financial solutions and investment banking capability through signing memoranda of understanding with them.
Mirae Asset also issued a three-year dollar-denominated, socially responsible investment bond last year to invest in eco-friendly buildings and provide housing for disadvantaged. It made the company the first among global securities firms to successfully issue the bond.
“We’re very honored to be recognized for our overall sustainability management activities. In line with our parent company Mirae Asset Group’s business principle, we’ll further strengthen ESG business through various activities for continuous business value enhancement and social responsibility,” said Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo.
By Jie Ye-eun and Choi Jae-hee