South Korean conglomerate GS Group kicked off the first meeting of its ESG committee for sustainable business management, the company said Monday.

The committee for environment, social and corporate governance, commonly referred to as ESG, will help accelerate their planned initiatives, the company said.

Under the auspices of the company’s board of directors, the committee is led by former Minister of Economy and Finance Hyun Oh-seok, who has been reappointed as an outside director, the company said.

GS Chief Executive Officer Hong Soon-ky and former Prosecutor General Kim Jin-tae have been appointed as members of the committee, it added.

The company said it created the ESG committee to respond to the rising social interest and demands for ESG, and to lead the direction and monitor the company’s ESG activities.

“ESG is essential for sustainable business management, and we have established the ESG committee under the board to accurately monitor the company’s ESG initiatives,” Hong said in a press release.

Last month, the company launched an environmental council consisting of its chief governance officers as well.

GS also added finance to the business purposes listed in the company’s articles of incorporation during its general shareholders meeting.

It is a preemptive measure for the company as the government is allowing holding companies of conglomerates to operate corporate venture capital units.

By Jo He-rim (herim@heraldcorp.com)