It looks quite obvious that the term "ESG" has become indispensable for Korean businesses to represent their management strategies for this year and beyond.
Standing for the environmental, social and corporate governance standards used to measure sustainability and the societal impact of investments, these values-based principles are now considered essential to attracting global institutional investors. Domestic firms in the financial, industrial and public sectors have therefore been busy lately issuing press releases on every single ESG effort and going after exemplary global investors.
Those who have studied the criteria for many years before it became the hottest issue here, however, point out that Korea still has a long way to go to catch up with this global trend.
"Domestic companies have just started paying attention to the ESG," said Choi Hee-nam, CEO of the nation's sovereign wealth fund, Korea Investment Corp. (KIC), which established a basic framework for ESG investments two years ago.
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