Woori Bank Joins 'Equator Principles' to Strengthen ESG Management
Establishing a Risk Management System for Large-Scale PF and Other Financial Support Cases
[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 20th that it joined the Equator Principles on the 18th to strengthen ESG (Environmental, Social, and Governance) management through establishing an environmental and social risk management system and fulfilling responsibilities as a global financial institution.
The Equator Principles is a voluntary agreement involving 118 financial institutions from 37 countries worldwide, which pledges not to provide financial support for large-scale development projects that may cause environmental destruction or human rights violations.
The scope of the Equator Principles applies to project financing (PF) of USD 10 million or more and corporate loans of USD 50 million or more. Financial institutions that join the Equator Principles can provide financial support only after reviewing compliance with the principles and confirming alignment.
To promptly join the Equator Principles, Woori Bank formed a dedicated task force (TF) at the bank-wide level to prepare the implementation process of the principles. Going forward, the bank plans to systematically manage environmental and social risks that may arise during financial support for large-scale PFs and other projects.
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Kwon Kwang-seok, CEO of Woori Bank, said, "By joining the Equator Principles, we have established an ESG management system that meets global standards and gained competitiveness for sustainable management. Woori Bank will continue to expand sincere and responsible ESG management by fulfilling environmental and social responsibilities as a global financial institution."
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