IBK Industrial Bank Wins Minister of Trade, Industry and Energy Award for Excellence in ESG Management

On the 1st, at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, award recipients including Park Jin-gyu, Vice Minister of the Ministry of Trade, Industry and Energy (center), and Seo Chi-gil, Head of the Management Strategy Group at IBK Industrial Bank of Korea (third from the left), are posing for a commemorative photo at the '2021 Sustainable Management Government Awards' ceremony.

[Asia Economy Reporter Jin-ho Kim] IBK Industrial Bank announced on the 2nd that it was selected as an excellent company in ESG (Environmental, Social, and Governance) management and received the Minister of Trade, Industry and Energy Award at the ‘2021 Sustainable Management Government Awards’.

Hosted by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, the ‘2021 Sustainable Management Government Awards’ is the only government award related to ESG management, recognizing and awarding outstanding companies that have led the practice and spread of ESG management.

IBK Industrial Bank explained that it received high evaluation for being the first financial public institution to establish an ‘ESG Committee’ within the board of directors and for appointing a female outside director as the chairperson for the first time in the financial sector. It also added that the establishment of the ‘ESG Management Team,’ which formulates and oversees company-wide ESG management strategies, and the ‘Internal Control General Department,’ which oversees internal control, through organizational restructuring earlier this year, received positive evaluations.

An IBK Industrial Bank official stated, “We will continue to actively practice ESG management based on a stable governance structure and support the ESG management of small and medium-sized enterprises by leveraging our 60 years of expertise in SME finance.”

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