[2022 Asia ESG Forum] "Came to Hear Insights on ESG Management Amid the '3 Highs' Crisis"

'2022 Asia ESG Symposium' Hosted by Asia Economy on the 4th

On the 4th, at the Westin Chosun Hotel in Jung-gu, Seoul, the 2022 Asia ESG Symposium took place. / Photo by Moon Honam munonam@

[Asia Economy Moon Chaeseok, Kim Pyeonghwa Reporters] "ESG (Environmental, Social, and Governance) management is a topic that draws great interest across the board, whether among university students or job seekers. The symposium theme 'ESG of Opportunity in the Era of Complex Crisis' really resonated with me."

Choi Ji-young (24), who participated in the '2022 Asia ESG Symposium' held at the Westin Chosun Hotel in Jung-gu, Seoul at 9 a.m. on the 4th, listened carefully from the opening remarks through the lectures. The seats prepared about 20 minutes before the event started were fully occupied. Although the topic of ESG can be abstract and difficult, attendees focused intently from early morning to gain managerial insights.

Despite the somewhat heavy atmosphere due to the global economy being caught in a 'triple high' complex crisis of high inflation, high exchange rates, and high interest rates, participants listened to the lectures with serious expressions. Some nodded in agreement when it was emphasized that companies must go beyond mere 'face-saving' compliance disclosures to enhance brand value and manage risks necessary for sustainable management.

Especially during the lecture by Professor Lee Jae-hyuk, Dean of the ESG Research Center at Korea University Business School, who analyzed corporate stock prices and ESG management comparatively, some attendees took photos of the presentation slides with their smartphones. When he mentioned that the global company Amazon, despite managing finances and stock prices well, failed to properly implement ESG management and thus drew workers' public anger, a woman adjusted her glasses. The content explained that Amazon had to enforce high-intensity ESG management, such as dealing with employee protests due to inadequate COVID-19 prevention, which paradoxically led to stock price increases.

Professor Lee attracted the audience's attention by explaining Korea University's slogan 'Freedom, Justice, Truth' as a kind of ESG management spirit. He said, "As a business professor, it is not easy to accept that financial value must be sacrificed for social and non-financial values," but added, "The process of profit creation by companies is naturally observed with interest by many stakeholders, and environmental, social, and governance factors emerge from this. If we say our company will sacrifice financial value for a while because it is doing 'ES (Environmental and Social contribution activities),' it denies the sustainability of the company from the start, which contradicts the purpose of ESG management."

Participants tended to understand 'ESG' as a whole brand rather than focusing on specific topics like 'carbon neutrality,' 'management rights,' 'governance,' or 'owner's moral hazard.' The three sessions of the day were ▲ ESG Past, Present, and Future ▲ ESG Strategies of Large Corporations in Times of Crisis ▲ Problems and Alternatives in ESG Management of Small and Medium Enterprises, but many focused on management principles themselves rather than corporate practical case studies.

Office worker So Mo, whom we met at the symposium, said, "I came here after learning about the event by chance, and I am leaving with hints about the vague concept of ESG management," adding, "Since ESG is related to sustainable management and is an important topic, I listened to the keynote speech and all three sessions evenly."

The symposium was hosted by the Ministry of Trade, Industry and Energy and supported by the Ministry of Economy and Finance, the Ministry of Industry, the Fair Trade Commission, the Korea Chamber of Commerce and Industry, the Federation of Korean Industries, the Korea Employers Federation, and the Korea International Trade Association.