Mirae Asset Life Introduces ESG Perspective Across All Fields... Leading Corporate Culture

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[Asia Economy Reporter Changhwan Lee] Mirae Asset Life Insurance announced that it will accelerate sustainable management (ESG) this year.

In December 2020, Mirae Asset Life Insurance held an 'ESG Vision Declaration Ceremony' attended by key executives including the CEO.

ESG management is a management approach that fulfills corporate social responsibility and promotes long-term growth from three perspectives: Environment, Social, and Governance.

Since then, Mirae Asset Life Insurance launched the ESG Management Committee through a shareholders' meeting resolution. The ESG Management Committee adds responsibilities related to ESG, such as establishing annual plans and reporting implementation performance, and approving the sustainability management report, to the existing management committee's role, thereby playing a practical supervisory role in ESG management.

In March last year, it resolved to issue subordinated bonds worth 150 billion KRW, the first in the industry to receive ESG certification. ESG bonds can be classified into green bonds, social bonds, and sustainability bonds.

Green bonds are bonds issued to raise funds for eco-friendly projects such as renewable energy or social infrastructure. Social bonds are bonds issued to raise funds for projects that create social value, such as affordable housing supply and unemployment prevention. Sustainability bonds have a hybrid nature of green bonds and social bonds.

On March 10 of this year, Mirae Asset Life Insurance was selected as an ‘Excellent Disclosure Corporation in the KOSPI Market for 2021’ by the Korea Exchange. The Korea Exchange evaluated Mirae Asset Life Insurance as an excellent disclosure corporation, stating, "Through prompt and accurate disclosure, it enhances information accessibility and reliability, resolves asymmetry for investors, and leads a model ESG corporate culture."

Chang Sang-taek, Head of Management Services Division at Mirae Asset Life Insurance, emphasized, "Mirae Asset Life Insurance will introduce ESG perspectives across all management areas to respond to social demands and practice healthy and considerate capitalism, building a win-win corporate culture that grows together with customers and society. We will comply with management policies reflecting non-financial factors such as environment, society, and governance that affect corporate value and sustainability from a long-term perspective."

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