Son Kyung-sik, Chairman of the Korea Employers Federation, "ESG Essential for Corporate Management... Will Resolve Anti-Business Sentiment"

Kyunghyong Holds 1st ESG Management Committee Meeting

Son Kyung-sik, Chairman of the Korea Employers Federation, is delivering the opening remarks at the symposium titled "Anti-Business Sentiment in Korea: Diagnosis of Causes and Improvement Measures," held on the 1st at the Press Center in Jung-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Yoo Je-hoon] Sohn Kyung-shik, Chairman of the Korea Employers Federation, said on the 26th, "Through Environmental, Social, and Governance (ESG) management, we will strive to resolve the widespread anti-corporate sentiment in our society and foster a corporate management culture that earns greater trust from the public."

Chairman Sohn attended the 1st ESG Management Committee held at the Press Center in Jung-gu, Seoul, in the afternoon and stated, "ESG issues are emerging as essential elements of corporate management. This means that the criteria for viewing and evaluating our companies have increased in number and become more stringent."

He first noted, "In the international community, principles concerning environment, human rights, labor, and transparency, as presented by the United Nations (UN) Global Compact, ISO26000, and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, have long been established as universal standards for corporate management." He added, "The European Union (EU) Commission is at the stage of promoting legislation to mandate corporate human rights and environmental due diligence, and major domestic companies are also facing expanding ESG verification demands from institutional investors such as pension funds."

Chairman Sohn continued regarding the ESG Management Committee, "The ESG Management Committee will self-assess and discuss improvements on related issues to ensure that the early-stage ESG management moves in the right direction and that company-led autonomous ESG management takes root."

Furthermore, he said, "We will establish regular communication channels with the National Pension Service, which leads domestic ESG responsible investment and strengthens active shareholder activities." He emphasized, "The ESG Management Committee, composed of representatives from major investee companies, will seek active improvements on ESG issues through regular communication with the National Pension Service, thereby also alleviating management uncertainties."

Chairman Sohn also stated, "Starting with the joint declaration for autonomous ESG management to be adopted today, we will make every effort to resolve anti-corporate sentiment and create a trusted corporate management culture."

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