|JB Financial Group senior executive Kim Seon-ho, right, stands next to Koscom CEO Hong Woo-sun, after the financial group is awarded by the KCGS as this year's outstanding company for its ESG standards during a ceremony held at the Korea Exchange (KRX) located on Yeouido, Seoul, Friday. Courtesy of JB Financial Group|
By Anna J. Park
JB Financial Group has been awarded as an outstanding company for its environmental, social and governance (ESG) criteria by the Korea Institute of Corporate Governance and Sustainability (KCGS), as the financial group received a comprehensive A rating from the corporate assessment agency.
According to the financial group on Monday, JB Financial received an A rating for its environmental standards, an A+ regarding its social criteria and an A for its governance perspectives from the KCGS, which made the financial group's overall rating stand at an A-level grade.
Since 2011, the KCGS has been evaluating listed companies' non-financial achievements, including ESG standards. This year, the evaluation was held on a total of 1,033 companies.
"With receiving the outstanding ESG company award, JB Financial Group will take the lead in ESG management, as it authentically assumes strengthened responsibilities and roles to implement these goals," an official from JB Financial Group said.
In June of last year, the financial group announced its medium and long-term strategic visions toward ESG management. The group launched an ESG committee, which is constituted of the group's entire board members, while it also holds regular ESG meetings, which are participated in by both executives and working-level employees.
This year, the financial group has become the country's second financial company that has acquired recognition from the Science Based Targets initiative (SBTi), a global net-zero partnership that joined hands with the UN Global Compact, CDP, WRI and WWF. More than 4,000 businesses around the world are working with the SBTi to implement carbon neutral goals and to step up their social responsibility in management.
JB Financial Group is comprised of various subsidiaries, including Jeonbuk Bank, Kwangju Bank, JB Woori Capital and JB Asset Management. The group also has PPCBank, JB Capital Myanmar, JB Securities Vietnam and JB Phnom Penh Asset Management as its sub-subsidiary companies.