Samil Accounting Corporation Successfully Concludes Seminar on 'ESG and Changes in Corporate Management and Disclosure'

[Asia Economy Reporter Jihwan Park] Samil Accounting Corporation announced on the 2nd that it held a seminar on ESG (Environmental, Social, and Governance) and changes in corporate management and disclosure to celebrate its 50th anniversary on the 1st. About 1,000 participants from companies, financial institutions, and specialized organizations interested in ESG attended the online seminar via YouTube and Webex.

In accordance with government quarantine guidelines due to the spread of COVID-19, the seminar was conducted live on YouTube. Experts from academia, industry, related organizations, and policy authorities gathered to explore the current status, development directions, and response strategies of ESG from a corporate management perspective.

Yoon Hoon-soo, CEO of Samil Accounting Corporation, said in his opening remarks, “ESG demands that all stakeholders, including companies, actively participate in solving global problems beyond their own profit-seeking,” adding, “We will spare no effort to support and promote the sustainable development of our society and the ESG transformation.”

The first session was led by Professor Kyung-seo Park of Korea University, who presented on “Issues and Challenges of ESG Management.” Professor Park explained ESG management, which has become a new key topic in Korea’s business environment, and highlighted the sustainability and issues of ESG management.

Professor Park suggested, “For sustainable ESG management, issues such as the problem of multiple principals, agency problems, and the appropriate level of burden on companies should be carefully considered and closely monitored from the perspectives of responsible investment-related systems, markets, and the state.”

During the panel discussion, Na Seok-kwon, Director of SK Social Value Research Institute, Shin Wang-geon, Full-time Expert Committee Member of the National Pension Service, and Yoon Young-chang, Partner at PwC Consulting, presented their views on the effectiveness of ESG from the perspectives of companies, institutions, and consulting industries.

The second session, held after a Q&A and break, addressed changes in corporate disclosure. Professor Soo-il Bae of Sungkyunkwan University introduced “The Domestic and International Status of ESG Disclosure Indicators,” emphasizing that the most significant factor influencing ESG disclosure is decision-making in corporate governance.

Following this, Sung-hyun Park, Vice President of Shinhan Financial Group, spoke about “Efforts of the Financial Industry for Net Zero,” and Byung-rae Lee, Executive Vice Chairman of the Korean Institute of Certified Public Accountants, shared insights on “ESG Disclosure and Evaluation Standards in the Accounting Industry and the Roadmap for Training Related Experts,” as well as “Certification and Supervision Matters for Accounting Firms.”

Jae-hoon Park, Director of the Fair Market Division at the Financial Services Commission, explained “The Government’s Role in Disclosure, Discussions in the National Assembly, and Bill Proposals.” Yoon Kyu-seop, Partner at Samil Accounting Corporation, urged that the industry and academia must work together to measure and quantify ESG.

Steven Kang, Partner and Samil ESG Platform Leader, stated, “ESG requires a very broad and comprehensive approach,” adding, “Experts in audit, tax, and consulting at Samil are focusing on building an ESG platform in collaboration with the global network PwC to solve ESG issues within companies.”

This content was produced with the assistance of AI translation services.