Korean Air Establishes ESG Committee Within Board of Directors

Chairman Appointed as Outside Director Kim Dong-jae

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Korean Air has established an Environment, Social Responsibility, and Corporate Governance (ESG) Committee within its board of directors.

Korean Air announced on the morning of the 6th that it held a board meeting and proposed expanding and reorganizing the existing Governance Committee into the ESG Committee, which was approved unanimously by all directors.

ESG stands for Environmental, Social, and Governance factors of a company. As corporate and investor social responsibility for sustainable development has become increasingly important recently, many financial institutions worldwide are utilizing ESG.

The Korean Air ESG Committee consists of three members: Kim Dong-jae (Chairman), Park Nam-gyu, and Cho Myung-hyun, all outside directors. The ESG Committee will play a top decision-making role related to ESG management, including establishing company ESG strategies and policies, managing and supervising ESG progress, and pre-reviewing other agenda items that significantly impact shareholder value.

A Korean Air official stated, "Korean Air has established the ESG Committee to proactively respond to these environmental changes," adding, "Going forward, we plan to carry out management activities that actively reflect various non-financial factors affecting corporate value and sustainability, centered on the board of directors."