[Global Finance Awards] SC Bank Korea accelerates sustainable management drive

Standard Chartered Bank Korea has become the only commercial bank in South Korea to receive an A+ rating in corporate governance for four consecutive years, the firm said.

The latest A+ rating was given last week by the Korea Institute of Corporate Governance and Sustainability, an expert nonprofit group founded in 2002 that carries out ESG evaluations and policy research.

“A healthy corporate governance system is the foundation of what makes sustainable management possible, and it is the driving force in spurring us to grow together with related parties including our customers,” said Choi Hee-nam, chairman of SC Bank Korea’s executive board, in a statement.

Meanwhile, SC Bank Korea said it was also bolstering its social contribution efforts as part of its sustainable management.

The bank’s social contribution efforts are focused on helping children, women and Korea’s youth in the areas of education, employment and entrepreneurship, it said.

In the area of education, SC Bank Korea has donated audiobooks, tactile textbooks and educational Braille board games to local schools specializing in educating blind students. The donation was part of SC Group’s Financial Education for Youth initiative, with over 27,000 students having participated since 2015. Separately, it has also been running a leadership program to empower female students since 2020.

To bolster employment, SC Bank Korea employees have been mentoring teenagers and university students on their careers. The chairman of SC Group’s executive board also participated as a mentor.

The financial firm also held a six-month educational program, sponsored by the Standard Chartered Foundation, to incubate entrepreneurship among Korean young adults. It also held a separate program for women entrepreneurs in the fintech industry, providing mentoring and idea-pitching opportunities.

The bank added that it has also been providing paid leave for employees who decide to take time off to do community service work.

“SC Bank Korea is considered a model case within the mother company, SC Group, which also has a superior corporate governance system,” said SC Bank Korea CEO Park Jong-bok.