Woori Financial Group Establishes 'ESG Management Committee' Within Board of Directors...Increased Importance of Decision-Making

[Asia Economy Reporter Wondara] Woori Financial Group is establishing an 'Environmental, Social, and Governance (ESG) Management Committee' within its board of directors.

Woori Financial Group announced on the 7th that at the board meeting held after the earnings announcement on the 5th, it decided to establish an ESG Management Committee within the board to enhance efficient decision-making and execution regarding ESG issues.

The ESG Management Committee, composed of all nine inside and outside directors of Woori Financial Holdings, will serve as the highest decision-making body overseeing the group's ESG management overall, including establishing group ESG strategies and policies and receiving reports on various ESG-related progress. The establishment of the committee will be finally approved at the holding company's board meeting next month.

A Woori Financial Group official stated, "It is unusual to establish an ESG Management Committee within the board," adding, "This means that ESG will become a more important criterion in the group's decision-making process. We will leap forward as a leading financial group in ESG management through company-wide efforts centered on the board."

Earlier, at the end of last year’s organizational restructuring, Woori Financial Group established dedicated ESG departments at the holding company and Woori Bank, and in January, it also set up a Group ESG Management Council composed of group company CEOs as members to facilitate smooth communication and cooperation in ESG management activities across the group.

Meanwhile, financial companies have recently been launching and strengthening dedicated ESG organizations one after another. This is because, according to government guidelines, ESG must be included as a criterion for investment decisions alongside corporate soundness and financial status. The Financial Services Commission announced that from 2030, all KOSPI-listed companies must disclose their ESG status, and last month, it also released the 'ESG Information Disclosure Guidance,' which includes plans to establish a foundation for responsible investment.