Local Financial ESG Reports Without Female Executive Statistics... Increase in Managerial Position Ratios [K Ingu Strategy]

Compared to the Top 4 Domestic Financial Groups, All Numerical and Statistical Indicators Fall Short
BNK Shows the Most Similar Statistical Indicators
DGB Presents Detailed Goals by Ratio
JB Shows an Increasing Trend in Female Representation

Regional financial groups with regional banks as affiliates have been found to be neglectful in statistics related to female employees. A typical example is that they do not separately compile statistics on the number of female executives or set ratio targets.

According to the ‘2023 Sustainability Management Reports’ of BNK, DGB, and JB Financial Groups on the 11th, among the three companies, BNK's statistics related to women are similar to those of the four major domestic financial groups (KB, Shinhan, Hana, Woori). BNK's female executive ratio was 2% last year. This is a 1 percentage point decrease compared to 3% in 2021 and 2022. It is a very low figure compared to the average female executive ratio (7.6%) of the four major financial groups last year.

DGB and JB compile diversity statistics excluding the number of female executives. This contrasts with the four major domestic financial groups, which separately compile the ratios of female executives and management (including general managers). A DGB Financial official stated, “We do not separately collect statistics on female executives.” In DGB’s case, the statistics on the ratio of women among managerial positions at level 3 or higher, such as deputy general manager, include executives, but JB compiles statistics on the ratio of women among the total staff and senior managers (assistant manager to general manager) excluding executives or persons responsible for business execution.

Among the three regional financial groups, BNK had the lowest ratio of women in overall managerial positions excluding executives. Last year, BNK’s overall female managerial ratio was 24.8%. Here, managerial positions include ranks from manager to assistant general manager, deputy general manager, and general manager. This figure, which was 31.1% in 2021, increased to 33.2% in 2022 but dropped by 8.4 percentage points last year. Although the total number of managerial positions increased overall, the ratio of men was much higher than that of women, which is analyzed as the reason. The number of female managers at the deputy general manager and general manager levels increased continuously from 107 in 2021 to 123 in 2022 and 144 last year. Female managers at the manager and assistant manager levels also showed an increasing trend, with 616 in 2021, 643 in 2022, and 692 last year.

The number of female talents related to science, technology, engineering, and mathematics (STEM) was 98 last year. This is a decrease compared to 81 in 2021 and 101 in 2022. BNK did not include goals for fostering female talents, employee ratio targets, or female talent development programs in the report.

DGB did not compile the ratio of female managers in revenue-generating departments and STEM positions excluding HR, IT, and general affairs departments until 2022. Last year, these ratios were 33.8% and 23%, respectively. The ratio of female managers in revenue-generating departments was the lowest among the three companies. Other figures generally showed an increasing trend. First, the ratio of female managers was 42.5% in 2020, recorded 43.1% in 2021 and 2022, and increased by 1.3 percentage points to 44.4% last year.

Looking in detail, the ratio of female managers at senior levels (deputy general manager and above) started at 24% in 2020, then 25.8% in 2021, 27.9% in 2022, and 29.8% last year, approaching 30%. For lower-level managers (manager and assistant manager), the ratio was 41.3% last year. It slightly decreased to 37.4% in 2020 and 37.1% in 2021 but recorded the highest figure in four years at 43.1% in 2022. DGB presents targets for 2025 for the figures they provide, from the ratio of female employees to the ratio of female managers in STEM departments. However, except for the targets for overall female managers and senior and lower-level managers (29%, 17%, 44%), the targets for overall employees, revenue departments, and STEM were either lower than last year’s figures or the current figures were below the targets.

DGB is the only one among the three companies to present female talent development programs in its report. DGB Financial Group stated that it signed the United Nations Global Compact (UNGC) Women’s Empowerment Principles (WEPs) in 2019 and has actively participated in the UNGC’s Target Gender Equality (TGE) program since 2020. This program guarantees women’s social participation and leadership opportunities for companies that have joined the UNGC and aims to improve the ratio of female executives among UNGC member companies. DGB said it identifies gender equality status through this and improves inequality factors.

JB Financial Group set a goal to raise the ratio of female employees to 50% by 2030. However, this target figure has changed every year. The 2021 report set a target of ‘55% by 2025,’ and the 2022 report stated ‘50% by 2025.’ In other words, the target has been lowered every year.

However, JB is the only one among the three companies whose female-related statistics are all on the rise. The ratio of women among all employees is the highest. Starting at 44.2% in 2021, it recorded 45.6% in 2022 and 46.8% last year. The proportion of women in overall managerial positions also increased similarly. It was 27.8% in 2021, 30.5% in 2022, and 33.6% last year, the highest among the three companies. The ratio of female managers at the manager level was 42.6% last year, an increase of 11.8 percentage points from 30.8% in 2021. The ratio at the assistant manager and general manager levels steadily increased from 27% in 2021 to 29% in 2022 and 30.1% last year. The ratio of female managers in revenue-generating departments was 36.7% in 2021, 39.5% in 2022, and 42.6% last year. The number of female employees in STEM departments was 111 last year, an increase from 82 and 92 in 2021 and 2022, respectively.