[ESG Symposium] Jo Hae-jin "Legislation to Enhance Global Competitiveness of Korean Economy and Companies"

Cho Hae-jin, co-chair of the National Assembly ESG Forum (People Power Party member), is delivering a welcome speech at the '2021 Asia ESG Symposium' held on the 29th at the Westin Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jeong Hyunjin] Cho Hae-jin, co-chair of the National Assembly ESG Forum (People Power Party member of the National Assembly), stated that domestic ESG (Environmental, Social, and Governance) issues are still in the early stages, emphasizing that the National Assembly will promote ESG-related legislation focused on enhancing the global competitiveness of the Korean economy and companies.

On the 29th, Cho made these remarks in a welcoming speech at the '2021 Asia ESG Symposium' held at the Westin Chosun Hotel in Jung-gu, Seoul. He emphasized, "ESG is becoming a global and timely trend," adding, "If companies fail to adapt to heightened safety standards, environmental standards, and consumer awareness, they will enter a phase of being left behind."

Cho diagnosed, "The logic of ESG is simple, but it is a very challenging topic," noting, "The importance placed on environment, society, and governance inevitably varies depending on each country's social context." He continued, "Our government and companies must never fall behind in these international environmental changes," and stressed, "It is also necessary to raise our voice in the process of establishing international standards. Primarily, it is important to create consistent standards suited to our circumstances and, based on that, participate in the establishment of international standards."

Regarding ESG, Cho said that the National Assembly has great interest and will legislate to benefit domestic companies and the economy. He conveyed, "I have heard voices suggesting that differing evaluation results for each indicator may be an obstacle to companies voluntarily spreading ESG management," indicating confusion in ESG management at the corporate level. He added, "In the current 21st National Assembly, over 140 bills related to the components of ESG have been proposed," and shared the atmosphere by saying, "As soon as the National Assembly ESG Forum announced its launch, about 60 members from both ruling and opposition parties applied to participate, showing deep interest in social issues, economic issues, and legislative activities."

Cho stated, "Through this legislative process, we will focus on ensuring that ESG is stably established and spread in our economy and corporate activities, thereby enhancing our global competitiveness and solidifying our status as a first-class economy. The National Assembly will promote legislation with this positive function in mind."