Vice Chair Kim So-young: "ESG Disclosure Standards to Be Detailed in Q1 Next Year"

Kim So-young, Vice Chairman of the Financial Services Commission, is delivering opening remarks at the Financial Industry Globalization Task Force meeting held on the 13th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Yoon Dong-joo doso7@

Kim So-young, Vice Chairman of the Financial Services Commission, announced that the ESG (Environmental, Social, and Governance) disclosure standards applicable to domestic companies will be specified in the first quarter of next year.

Vice Chairman Kim made these remarks during a congratulatory speech at the Korea ESG Standards Institute's Excellent Companies Awards Ceremony held on the 24th, outlining the government's future ESG policy direction.

He stated, "We will further specify the ESG disclosure system," and added, "Regarding the disclosure standards, they will be detailed in the first quarter of next year after discussions by the Korea Sustainability Standards Board (KSSB), which includes various stakeholders such as companies and investors."

He also said, "We will first consider mandating disclosures in the climate sector, where international consensus has been formed, but to allow companies to gradually adapt to the new system, we will explore introducing it through exchange disclosures, which carry relatively less legal burden, and minimizing sanctions in the early stages of implementation."

He mentioned that plans are also being considered to legislate a regulatory framework for evaluation agencies to enhance transparency and reliability in the ESG evaluation market.

He emphasized, "We will promote various measures to fundamentally improve the ESG management capabilities of our companies, including expanding consulting for companies and collaborating with related ministries and policy financial institutions."

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