Ibangsil, SK Hynix Vice President, Appointed as Member of IFRS Official Advisory Body

Enhancing South Korea's Status in International Accounting

Bang Sil Lee, Vice President in charge of ESG Strategy at SK Hynix. Photo by Financial Services Commission

The IFRS (International Financial Reporting Standards) Foundation announced on the 20th that Lee Bang-sil, Vice President of SK Hynix, has been appointed as a member of the IFRS Advisory Council.

The IFRS Advisory Council is the official advisory body of the IFRS Foundation, providing advice to the Foundation's Board, the International Accounting Standards Board (IASB), and the International Sustainability Standards Board (ISSB).

Appointed to represent Korea, Council member Lee will primarily provide advice on sustainability disclosures and related matters over the next three years.

Korea adopted the IFRS international accounting standards in 2011 and has established them domestically. It has actively participated in the development and revision of IFRS standards, contributing to the creation of internationally recognized standards. Since the IFRS Foundation established the ISSB, Korea has also actively participated in setting ISSB standards as a member country of the Sustainability Standards Advisory Forum (SSAF).

Lee Bang-sil’s expertise in impact investing and environmental, social, and governance (ESG) disclosures, his field experience in sustainability-related areas, and his background in the media sector were important factors in his appointment as a Council member.

With the appointment of a Korean member to the IFRS Foundation’s official advisory body, Korea’s status within the IFRS Foundation is expected to be further elevated.

The Financial Services Commission stated, "It is expected that during the IFRS Foundation’s key agenda discussions, including future topics of the International Sustainability Standards Board (ISSB) standards, the characteristics of our economy and industrial structure, as well as the opinions of stakeholders such as companies, can be effectively communicated."