SC First Bank Receives A+ Grade for Two Consecutive Years in KCGS Corporate Governance Evaluation

The Only Commercial Bank to Receive an A+ Rating Again This Year Following 2019

Jongbok Park, President of SC First Bank

[Asia Economy Reporter Kim Min-young] SC First Bank announced on the 14th that it received an A+ rating in the ‘2020 Corporate Governance Evaluation’ released by the Korea Corporate Governance Service (KCGS).

Last year, SC First Bank was the first commercial bank to receive an A+ rating and was selected as an excellent corporate governance company. This year, it was the only commercial bank to receive an A+ rating again, recognizing that it has established and firmly maintained a model corporate governance system. This year’s corporate governance evaluation was conducted on 713 general listed companies and 114 financial companies.

SC First Bank’s board of directors and committees are composed of top industry experts from various fields and are operated efficiently and substantively based on a free and in-depth discussion culture. This is considered one of the most exemplary cases even within its parent company, Standard Chartered (SC) Group, which has an excellent governance system. Additionally, the strict group-wide systems implemented by SC Group to ensure the independence and fidelity of the board and committees, as well as the transparent and faithful disclosure culture, are also evaluated as strengths.

Park Jong-bok, President of SC First Bank, said, “The establishment of a sound corporate governance culture and system is the foundation that instills deep trust in the bank’s stakeholders, including customers, and enables sustainable management of the bank. We will continue to strive to be a bank that leads the development of exemplary corporate governance culture and systems.”

Meanwhile, KCGS is the only specialized evaluation institution in Korea that conducts in-depth assessments of the governance status and overall disclosure levels of financial companies and listed companies every year. Since 2018, it has been evaluating the governance of financial companies across shareholder rights protection, boards of directors, CEOs, compensation, risk management, audit organizations and internal controls, and disclosure fields according to a specialized evaluation model reflecting global guidelines from the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB).

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