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Management Principles for the Banking Industry in Korea

15 December, 2004

The Korea Federation of Banking recently published "Management Principles of the Banking Industry" which announced ‘Sustainable Development’ as a fundamental philosophy. The initiative, which is supported by the Korean Ministry of Finance and Economy, worked with Korean banks, including UNEP FI signatories Kookmin and Woori Bank, and Eco-Frontier to develop a guide for environmental risk assessment for credit and loan procedures. Also, the Korea Federation of Banking will launch a Group for Sustainability Management with several banks and domestic experts in December 2004.

Some key points:

• Banks have the responsibility for making a comprehensive contribution to the national economy and society at large, and have been striving to meet such expectations.
• Banks shall improve their business management through proactive business disclosure to fulfil the consumers’ right to know and establish mutual trust with customers.
• Banks shall make a contribution to society by generating new values and securing growth engines of the future based on corporate social responsibility.
• When there is a major event that may destabilize the financial market, banks shall come up with practical solutions to collectively respond to it and exert their best effort to make them successful.
• Banks shall make every effort to maintain a level playing field for a more efficient economy and collective development of the banking industry.
• Banks shall strengthen cooperation with players in other financial sectors to pursue balanced development of the financial industry as a whole.
  
  For more on the KFB (Korea Federation of Banks) visit:
  http://www.kfb.or.kr/Eng/index.php
  
  For further information contact
  Dae-Woong Lim: dwlim@ecofrontier.co.kr or visit
  http://www.ecofrontier.co.kr/eng/default.htm
  
  news item from UNEPFI EBULLETIN:
  Issue 35
  December 2004
  http://www.unepfi.org/ebulletin