Korea Securities Finance to Hold 'Employee Stock Ownership Award' Ceremony on the 21st

[Asia Economy Reporter Oh Ju-yeon] Korea Securities Finance, designated by the Ministry of Employment and Labor as the dedicated institution for employee stock ownership plans (ESOP), announced that it held the 2020 'Employee Stock Ownership Award' ceremony and a roundtable meeting on the 21st, using a hybrid online and offline format, to recognize companies that have exemplary operated the ESOP system for the welfare of workers and labor-management harmony.

Since 2006, the Ministry of Employment and Labor and Korea Securities Finance have annually selected outstanding companies that have promoted workers' asset formation and labor-management cooperation through the ESOP system and awarded them the 'Employee Stock Ownership Award.' This year, two companies were selected for the Minister of Employment and Labor Award, and four companies were selected for the President of the Dedicated ESOP Institution Award.

Among the award-winning companies, the awards for Woori Financial Group (large enterprise category) and Dio (small and medium enterprise category), selected for the Minister of Employment and Labor Award, were presented at the Ministry of Employment and Labor's 2020 Labor-Management Culture Merit and other government awards ceremony held on the 18th. On this day, the ceremony for the President of the Dedicated ESOP Institution Award was held.

In the large enterprise category for the President of the Dedicated ESOP Institution Award, Dong-A Socio Holdings received the award for actively supporting union members' acquisition of employee stock through a leveraged ESOP system and the company's free matching contributions. Additionally, KT&G was recognized for solidifying a cooperative labor-management relationship framework through free contributions, active market purchases by union members, and the establishment of an ESOP management system, earning the award.

In the small and medium enterprise category, L&F was highly evaluated for actively utilizing the ESOP system to promote labor-management coexistence and cooperation by preferentially allocating 20% of newly issued shares to union members at the time of listing and free contributions from the founding management. Exicon was also highly praised for efforts to establish and expand the ESOP system, such as inducing long-term service of excellent personnel through the company's free contributions.

Jung Wan-gyu, President of Korea Securities Finance, said, "I sincerely thank the award-winning companies that have led the welfare of workers and labor-management harmony by exemplary operating the ESOP system over a long period despite difficult conditions. We will continue to actively discover excellent companies operating the ESOP system through the Employee Stock Ownership Award and strive to present it as a new model of corporate welfare and labor-management cooperation."