South Korean proxy advisory firm Sustinvest on Wednesday said it has given Shinhan Financial Group the highest rating for environmental, social and governance values for the first-half of this year.

Sustinvest, which also provides ESG analytics and advisory services here, assesses and rates some 1,000 listed businesses annually on their ESG initiatives. The ESG advisor said its criteria includes whether the firms’ management are eco- and society- friendly and have sustainable corporate governance.

Shinhan and two other firms -- the nation’s top mobile carrier KT and household goods and cosmetics maker LG Household & Health Care Ltd. -– were the only businesses that received the highest AA rating among 225 listed firms with over 2 trillion won in total assets, each. A total of 997 firms were reviewed for the first-half of this year.

Sustinvest also called out businesses that has been keeping low dividend payout ratios compared with their recent performances. Tech giant Naver, CJ Logistics and brokerage Yuanta Securities were among several firms with over 2 trillion won in total assets each, criticized for low dividends.

Overall, the adoption of e-voting systems that bolstered shareholder rights and an increase in the number of female board members were some of the positive ESG changes that were observed in the first six months of this year.