Provincial bank-led financial institution JB Financial Group said Wednesday it had launched an intraboard committee responsible for making business decisions focused on environmental, social and corporate governance values. 

As the top decision-making body for ESG management, the new committee will develop corporate strategies and policies regarding the incorporation of ESG criteria into the group’s business portfolios, while supervising ESG-related initiatives conducted by its affiliates, including Jeonbuk Bank and Kwangju Bank. 

“With the launch of the ESG committee under the board of directors, JB Financial will expand its sustainable business activities. Also, we will closely monitor our ESG performance and ramp up efforts to create effective ESG business models,” the banking group said in a statement. 

Yoo Kwan-woo, senior adviser at the nation’s leading law firm Kim & Chang was tapped to lead the committee, it added. 

The latest move is aimed at fostering the group’s sustainable business management, which has been thrust into the limelight as a growing number of investors have integrated ESG matters alongside financial factors in their investment process in the wake of the prolonged COVID-19 pandemic. 

Meanwhile, JB Financial earned the “A+” ESG rating from the Korea Corporate Governance Service late last year, for its shareholder-friendly approach and sustainability in entrepreneurship.

By Choi Jae-hee (cjh@heraldcorp.com)