Woori Financial Group traces its history back to Daehancheonil Bank, which was established with state funding in 1899. It transitioned to a holding company in 2019, expanding its business portfolio with asset management, real estate trusts, capital and savings. Currently, it offers a wide range of financial services to customers via its domestic network of 920 branches across 14 subsidiaries and 480 global networks across 24 countries.
In terms of senior leadership accountability, the responsibility for sustainability issues within Woori Financial Group lies with the Board. The financial institution discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Woori Financial Group has set a target of net-zero financed emissions by 2050. It discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are.
Woori Financial Group has a publicly available policy statement committing it to respect human rights. It discloses the proportion of women in its total direct operations workforce for each employee category. Moreover, the financial institution discloses the amount of finance it directs towards usually excluded groups and SMEs. It has a policy prohibiting bribery and corruption. It also publicly states that workers shall not be required to work more than 48 hours in a regular work week or 60 hours including overtime. Besides, Woori Financial Group discloses a global tax strategy and its lobbying expenditures.
In terms of its approach to senior leadership accountability, Woori Financial Group has an opportunity to link the remuneration of its executive and management teams to sustainability performance criteria. Furthermore, there is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment. It could disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category as well as the actions taken to address any pay gaps. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients.
Woori Financial Group could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. It has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Woori Financial Group could align its climate solutions with internationally recognised frameworks. It has an opportunity to disclose time-bound targets explicitly for its climate solutions and progress against these targets. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Woori Financial Group has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. There is no evidence that the financial institution discloses the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, Woori Financial Group could disclose the amount of finance directed towards low-income developing countries.