April 19, 2022 – The Asia Foundation organized a dissemination event at the National Assembly to present IFB Seoul’s new policy recommendations report on ESG and sustainable finance to the next administration of the Republic of Korea. IFB is a global network of family offices, philantropists, and impact investors. The Asia Foundation manages the Seoul Chapter.

The event was co-hosted by a bi-partisan group of Korean parliament members: Cho Jung-hun (Transition Korea Party), Kim Sung-Joo (Democratic Party of Korea), and Cho Hae-Jin (People's Power Party). The report was presented by Chairman Chung Jinho (The Wells Investment). 

The policy recommendations report was a result of a multi-stakeholder group involving civil society and private sector leaders from May to December 2021, as part of the Impact for Breakfast (IFB) Seoul chapter. The report was co-chaired by Congressman Cho Jung-hun and Chairman Chung Jinho and was developed by The Asia Foundation with support from the Merry Year Social Company (MYSC).

At the event, Chairman Chung presented the summary of seven policy recommendations to the new president administration, which included establishing a control tower that oversees the government’s ESG strategy and planning.

A panel group discussion, composed of Dr. Lee Il Houng (Former Bank of Korea’s Monetary Policy Board), Prof. Sohn Jie-Ae (Ewha Woman’s University) and Dr. Park Chong Hak (Barings Korea).

Dr. Lee Il Houng explained that ESG is a concept that mutually interacts with socio-economy, corporates, and capital markets. He also emphasized that responsive measures from the government that reflect ESG is needed to ensure Korea’s economic resilience.

Prof. Sohn mentioned that ESG could be an opportunity to transition from “Korean Discount” to “Korean Premium” if Korea successfully responds to ESG in the global market, and called for policies that ensure better ESG actions among consumers and corporates.

Dr. Park Chong Hak highlighted the need for a common understanding that ESG principals and actions will have a significant influence on national and corporate competitiveness soon. He also called for a quick establishment of strategic ESG principles and planning that reflects the voices of the private sector, led by a central control tower within the government.

The event, organized by The Asia Foundation, was facilitated by CEO Kim Jeongtae (MYSC). Congressman Cho Jung-hun provided the opening remarks, and Congressman Kim Sung-joo and Congressman Cho Hae-jin shared their congratulatory remarks.

Please click this link to see the video recording of the event.