KCGS Awards Korean Re Top ESG Honour

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by KnowESG
KnowESG_KCGS Awards Korean Re Top ESG Honour
Image courtesy of https://iriscarbon.com/

Korean Re has achieved an impressive ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS).

This is a leap from the previous year's B+ rating (Good). In this year's evaluation, Korean Re secured A ratings across all three categories: environment, social, and governance (ESG).

The KCGS has publicly disclosed the evaluation results and ratings for 987 listed companies, using a scale ranging from S to D. Scores are determined through absolute assessment, and the ratings are assigned based on specific criteria.

A rating of A signifies the presence of a strong and sustainable management system in environment, social responsibility, and governance, aligned with industry best practices. This approach minimises the risk of compromising shareholder value due to non-financial factors, as outlined by the KCGS.

This year, Korean Re solidified its commitment to environmental management by implementing specific guidelines. Targets for reducing greenhouse gas emissions and energy consumption were set, backed by thorough measurements of energy usage and carbon footprint.

Additionally, the oversight role of the board of management in addressing ESG issues was strengthened. Commitments such as the Declaration on the Phase-out of Coal Financing were emphasised, and an organisational framework for ethics, legal compliance, and risk management was established to ensure transparent governance.

Furthermore, a transparent disclosure system for sustainable management was instituted, including the publication of a comprehensive sustainability report detailing major ESG policies and initiatives.

Korean Re's CEO, Jong-Gyu Won, said, "We will persist in ensuring the implementation of our ESG policies, grounded in the belief that sound ESG practices contribute to the establishment of a healthy and sustainable business."

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Source: Korean Re

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