Korean Re Obtained an ESG Rating of A from KCGS
Korean Re has achieved an ESG integrated rating of A (Outstanding) in the 2023 ESG evaluation conducted by the Korea Institute of Corporate Governance and Sustainability (KCGS). This marks an improvement from the previous year's B+ rating (Good). In this year’s evaluation, Korean Re obtained A ratings in all three categories: environment, social, and governance (ESG).
The KCGS has disclosed the evaluation results and ratings for 987 listed companies. There are seven KCGS ESG ratings ranging from S to D. Scores are given based on absolute assessment, and ratings are assigned according to the score criteria. A rating of A is defined as having appropriately in place a sustainable management system in environment, social, and governance in line with best practices, with a lower risk of undermining shareholder value due to non-financial factors, according to the KCGS.
This year, Korean Re declared its commitment to environmental management and established specific guidelines. In this regard, we set targets to reduce greenhouse gas emissions and energy consumption by measuring our energy usage and carbon footprint. We also strengthened the oversight role of our board of management concerning ESG issues and commitments such as the Declaration on the Phase-out of Coal Financing, and solidified an organizational framework for ethics, legal compliance, and risk management to ensure transparent governance. Furthermore, we put in place a transparent disclosure system for sustainable management, including the publication of a sustainability report containing major ESG policies and initiatives.
Korean Re CEO Jong-Gyu Won stated, "We will continue to make sure that our ESG policies are implemented based on the belief that sound ESG practices contribute to building a healthy and sustainable business."
At Korean Re, we are committed to providing reinsurance services of the highest possible standards, with a focus on good ESG practices. Our commitment to ESG is based on the values of promoting transparency in corporate governance, protecting the environment, and being a socially responsible member of the communities we work and live in. Upholding these values is not just the right thing to do but helps us ensure sustainable business operations. Our success as a company will be driven not just by how well our business is operated commercially, but also by how well we care for the well-being of our employees and support the communities in which we operate.