National Pension Service of Korea

The financial institution does not provide products, services or capital, neither to new fossil fuel projects nor to clients and investees undertaking such projects.

It is recommended that the financial institution conduct third-party assurance or verification of its target reporting and link senior executive performance criteria to specific sustainability goals. It could also disclose the amount or share of its products, services, and capital associated with high-emitting and fossil fuel sectors.

The financial institution could disclose that it monitors scope 3 emissions by category and describe the methodology used in its footprint calculations. It is also recommended to establish and disclose a transition plan that covers its own operations, supply chain, and portfolio, with a clear commitment to reducing scope 1-3 emissions in line with interim targets. Furthermore, it has an opportunity to break down its clients or beneficiaries by income group and outline processes to avoid unintended divestment from low-income and lower-middle-income countries as a consequence of its sustainability strategies.

The financial institution is encouraged to integrate risks related to ILO fundamental rights at work into its risk assessments, disclose its process for mitigating these risks, and identify social risks associated with its provision of products, services, and capital in relation to the net-zero transition. It would be valuable for the financial institution to provide specific examples of actions taken to address salient human rights issues of its products, services and capital identified through assessment processes within the last three years. In addition, it could disclose how it determines a living wage in the regions where it operates and formalize its commitment to prohibiting bribery and corruption in a public policy document. It also has an opportunity to include anti-bribery clauses in contracts with business partners.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.