Venture Business Association and NICE Evaluation Information Collaborate to Strengthen Venture Business ESG Capabilities

[Asia Economy Reporter Kim Bo-kyung] The Korea Venture Business Association signed a 'Memorandum of Understanding (MOU) for Strengthening ESG Capabilities of Venture Companies' with NICE Information Service on the 3rd.

Since COVID-19, the necessity of ESG (Environmental, Social, and Governance) management has increased globally, and demands for ESG from various stakeholders are growing. This MOU was established for the two organizations to cooperate in enhancing the understanding of social value creation and sustainability of venture companies.

The main contents of the agreement include ▲support for evaluation and selection in the ESG management category of the excellent venture selection project ▲promotion of ESG management awareness among venture companies ▲collaborative development of evaluation indicators for private ESG certification specialized for venture companies.

Lee Jeong-min, Secretary General of the Korea Venture Business Association, stated, "Recently, the introduction of ESG management based on social value has been gaining attention," adding, "Through this agreement, we hope that innovative venture companies will emerge as a group of innovative enterprises overcoming the crisis of industries and the national economy stiffened by COVID-19."

Park Byung-soo, Head of the Corporate Division at NICE Information Service, said, "Our experience in credit and technology evaluations of over 100,000 companies annually and accumulated corporate information will be an important foundation for understanding the characteristics of venture companies," and added, "Based on our SME-type ESG evaluation framework, we will jointly develop a model suitable for venture companies to support their ESG management."

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