Asset Management Industry Accelerates ESG Management... Series of Committees Established
Asset Management Industry Rolls Up Sleeves for ESG Management
Establishing ESG Committees and Joining TCFD
Only Mirae Asset Asset Management Among Major Firms Excluded
[Asia Economy Reporter Junho Hwang] The asset management industry has rolled up its sleeves to promote ESG (Environmental, Social, Governance) management.
Among the four leading asset management companies, KB Asset Management and Hanwha Asset Management established ESG committees on the 20th. KB Asset Management appointed CEO Hyunseung Lee as the chairperson of the ESG Management Committee, composed of heads of each management division, to develop ESG strategies and manage risks. Additionally, they decided to incorporate ESG factors when reviewing new products through the Product Committee.
On the same day, Hanwha Asset Management also formed an ESG committee. This committee will play a central role in ESG management by establishing strategies and publishing activity reports. The chairperson will be appointed at the first meeting next month.
Both companies organized these bodies to expand ESG management after joining the Task Force on Climate-related Financial Disclosures (TCFD). The TCFD is a consultative group established under the Financial Stability Board (FSB), led by G20 finance ministers and central bank governors, to develop guidelines for climate-related information disclosure. Over 1,900 companies and organizations have joined. The group aims to disclose consistent climate-related risk information to investors in the future.
Among domestic asset management firms, in addition to these two companies, Andaz Asset Management, Shinhan Asset Management, and Samsung Asset Management have also joined. Samsung Asset Management declared its TCFD membership on the same day and announced plans to establish an ESG committee within this month. Meanwhile, Mirae Asset Management has not yet joined the TCFD.
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A Hanwha Asset Management official explained, "Substantive ESG management, not just slogans, is important," adding, "The establishment of the ESG committee is to develop beyond the core investment activities of asset management to become a firm trusted by society and investors."
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