Enhancing Corporate Sustainability and Value… Enrollment Open for the 1st Cohort of the Independent Director Competency Development Program   ▶ About the (Click)  ▶ Apply for the (Click)      Korea University Business School (Dean: Eonsoo Kim) has launched the Independent Director Competency Development Program, designed to strengthen corporate sustainability and enhance corporate value. The program is now accepting applications for its inaugural cohort. It aims to equip board directors with the expertise and strategic insight needed to proactively navigate evolving corporate environments.    Starting in April, the Independent Director Competency Development Program will run for 10 weeks, with classes held every Thursday evening. It is designed for current and prospective board directors, as well as individuals with equivalent qualifications.    The program provides essential knowledge to promote corporate sustainability and long-term value creation. It develops key competencies necessary for board directors to fulfill their responsibilities effectively, integrating the latest business trends and regulatory frameworks into its curriculum.    Participants will explore critical topics essential for board leadership, including corporate law, ESG strategy, risk management, and practical decision-making skills. The program follows a case-driven approach, incorporating real-world scenarios to enhance strategic execution and leadership capabilities.    The program is led by top-tier faculty members and industry experts, combining extensive field experience with cutting-edge academic insights. Participants will benefit from a rigorous, practice-oriented curriculum delivered at world-class facilities, including the Business School Main Building, LG-POSCO Hall, and Hyundai Motor Hall. The program also offers exclusive classrooms and lounges, along with specialized faculty support, ensuring a high-quality learning experience.    Beyond academic learning, participants will have the opportunity to connect with professionals from diverse industries and build meaningful peer relationships. Graduates will not only join the program’s alumni network but also become members of the Korea University Alumni Association, facilitating continued networking with industry-leading professionals.    Applications for the Independent Director Competency Development Program are now open and will close on Friday, March 28. The entrance ceremony is scheduled for Thursday, April 10. For application submission and admission inquiries, please contact the EEC Administration Office at KUBS (02-3290-2707). 

Discussing ESG Strategies in the Pharmaceutical Industry" - ESG Research Competition Final Presentation Successfully Concludes   On September 27, the final presentation of the "ESG Research Competition" was held at the Cuckoo Hall in the LG-POSCO Building. This year’s competition centered on the theme of "ESG in the Pharmaceutical Industry," with participating students refining their research based on feedback received during the interim presentation. A total of four teams presented their findings, discussing ESG strategies to enhance sustainability in the pharmaceutical sector from various perspectives. The event drew attention for its in-depth research and passionate presentations.      Team 2 presented on "The Current State of ESG in the Pharmaceutical and Biotech Industries" and "Circular Economy." Beginning with an explanation of the necessity of ESG practices tailored to the unique characteristics of the pharmaceutical industry, the team introduced key ESG initiatives and circular economy models. They then conducted a comparative analysis of ESG activities by domestic and international pharmaceutical companies, highlighting the pressing issue of unused medication disposal, which has become a significant challenge in the industry.    By addressing the practical challenges faced by domestic pharmaceutical companies, the team proposed improvements to current recovery policies and offered practical solutions. Their presentation concluded with a discussion of the difficulties encountered during the research process and the feedback they received. It was well-received for its meaningful contribution to conveying the importance of ESG practices and actionable strategies within the pharmaceutical industry.    Team 3's presentation focused on the theme of "Developing ESG Guidelines Specialized for Contract Manufacturing Organization (CMO) Businesses." The team began by outlining their research and highlighting limitations in the current ESG evaluation framework for the pharmaceutical industry. They pointed out that differing sub-sector classification systems across various evaluators create inconsistencies in ESG assessment criteria.    This inconsistency, they explained, can lead to confusion in the ESG evaluation results for companies. To address this issue, the team proposed the development of a specialized pool of ESG issues tailored to CMOs, providing a focused approach to resolving these challenges.      The team argued for the development of an ESG evaluation framework that reduces reliance on evaluators' subjective judgments and ensures higher reliability. Their presentation received positive feedback for proposing ESG evaluation guidelines tailored specifically to the unique CMO sector within the pharmaceutical industry. By emphasizing the need for ESG strategies optimized for the characteristics of this specialized field, the team highlighted a critical step toward advancing sustainable practices in the sector.    The final team, Team 4, presented on the topic of "Company-Specific Strategies for Reducing Greenhouse Gas Emissions in the Domestic Pharmaceutical Industry." They began by explaining the increasing importance of managing carbon emissions in the face of stricter greenhouse gas regulations, which served as the motivation for their research. Highlighting the growing significance of carbon management in the business operations of pharmaceutical companies, the team analyzed ESG activities of both domestic and international firms to identify the challenges and propose solutions for greenhouse gas emissions in the Korean pharmaceutical industry.    The team specifically proposed the standardization of carbon emission measurements and the prioritization of ESG initiatives, presenting concrete and actionable improvement strategies. Their presentation garnered significant attention for offering practical strategies to reduce greenhouse gas emissions, aligning with the growing emphasis on environmental responsibility within the pharmaceutical industry.    After all the team presentations concluded, the attending professors evaluated each team's work and provided detailed feedback. Ultimately, Team 1 was awarded first place, while Teams 2 and 3 tied for second place. Each team's research topics and presentations demonstrated creative and practical approaches to addressing ESG challenges in the pharmaceutical industry. Through the feedback received, participants further refined their research and gained a deeper understanding of the importance of ESG management.      To conclude the event, participants gathered for a group photo to commemorate the day's achievements. This final presentation served as a valuable opportunity for exploring various ESG strategies and actionable solutions for sustainable development in the pharmaceutical industry. It also provided students with a meaningful experience to showcase their creativity and research skills. 

Exploring ESG and Corporate Activities from a Human Rights Perspective: ESG Lecture Series  On September 6, Korea University's Business School (Dean: Eonsoo Kim) hosted the ESG Lecture Series at Young-Il Ahn Hall in the LG-POSCO Hall. The event was organized by the ESG Research Center (Director: Jay Hyuk Rhee) and featured guest speaker Attorney Oh Ji-hun, an expert in compliance and anti-corruption in the financial sector. Director Rhee opened the event by outlining the mission behind the establishment of the ESG Research Center, highlighting key initiatives such as international sustainability conferences and the global ESG lecture series.  The lecture officially began with Attorney Oh Ji-hun, who invited participants to reflect on the personal significance of ESG in their own lives. He explained that his presentation would focus on the structure of the field he works in and the ecosystem it supports.  Attorney Oh began his presentation by introducing ESG reports from YG Entertainment and JYP Entertainment. He shared data from these companies' reports on sustainability and human rights impacts, drawing attention to key metrics such as "parental leave rates" and "turnover rates." While he acknowledged that the environmental components of these reports are relatively advanced, he pointed out that human rights impact assessments are still evolving, signaling a growing focus on human rights in corporate management.  Attorney Oh then shifted the discussion to environmental impact, referencing the 2022 flooding in Pakistan and related climate issues. He explained how natural disasters and climate change can lead to human rights violations, emphasizing the importance of corporate management in addressing these concerns. He also highlighted the need to consider animal welfare, noting that animals are often treated as mere objects in many corporate practices.  Attorney Oh next introduced the connection between human rights and corporate activities, emphasizing how companies are increasingly considering risk management strategies - whether to pursue stable business practices or take bold initiatives. He pointed out that avoiding issues related to "forced labor" is a key topic in corporate risk management.  In conclusion, Attorney Oh emphasized that there is no reason to be skeptical about discussing ESG issues. He stated that "ESG is a topic we must continue to address and push forward," encouraging a positive outlook on ESG initiatives. He highlighted that the restoration of the planet's environment is challenging and warned that neglecting these issues could lead to societal collapse. 

Corporate Governance Research Institute·Capital Market Research Institute, successfully held a policy seminar on ‘Recent Trends in Executive Compensation and Improvement Measures for the Regulatory Framework.’    On June 19th, a policy seminar was held at the Bulls Hall on the 3rd floor of the Financial Investment Center in Yeouido. This seminar was jointly organized by Korea University's Corporate Governance Research Institute (Director: Kim Woochan) and the Capital Market Research Institute. It featured presentations and panel discussions on the topic "Recent Trends in Executive Compensation and Improvement Measures for the Regulatory Framework."        The presentations were delivered by Professor Shin Jaeyong of Seoul National University Business School, Researcher Hwang Hyunyoung of the Capital Market Research Institute, and Professor Lee Changmin of Hanyang University Division of Business Administration. The panel discussion, moderated by Professor Kim Junghyuk of the Business School, included Senior Reporter Kwak Jungsoo from Hankyoreh Economic & Social Research Institute, Professor Na Hyunseung from Business School, Auditor Shim Hyeseop from Namyang Dairy Products, Senior Researcher Lee Inhyung from the Capital Market Research Institute, Director Lee Jaein from Hanwha Compliance Committee, and Senior Researcher Jung Jaekyu from Korea ESG Standards Institute.     Professor Shin Jaeyong of Seoul National University discussed the "Status and Regulation of Stock-Based Compensation," noting that "in U.S. companies, more than 70% of total executive compensation is stock-based, rewarding long-term stock price increases rather than immediate sales and profits. However, in Korean companies, most CEO and executive compensation is in the form of cash bonuses based on short-term financial performance such as sales and operating profit." He added, "the spread of stock-based compensation among executives in some companies is a meaningful change."     Next, Researcher Hwang Hyunyoung from the Capital Market Research Institute presented on "Problems and Improvement Tasks in the Current Executive Compensation Decision Process," comparing the executive compensation disclosure materials and regulations of major domestic and foreign companies. He pointed out issues in Korea's executive compensation system and proposed strengthening shareholders' authority over director compensation decisions and specifying the criteria for determining director compensation disclosed in business reports.       Professor Lee Changmin of Hanyang University discussed "Introducing the UK Say-on-Pay System," suggesting, "we should discuss the bifurcated Say-on-Pay system adopted in the UK and the EU” and “if Say-on-Pay is introduced, we need to consider Korea's unique characteristics." He emphasized, " the details to be included in the remuneration policy and remuneration report should be defined by executive order, ensuring detailed standards similar to the UK's disclosure regulations to prevent inadequate disclosures."       Following the presentations, the seminar continued with a heated panel discussion moderated by Professor Kim Junghyuk, including questions from the floor. With questions about ESG in Korea and recent issues in business administration, etc. a meaningful discussion concluded the policy seminar.   

The First & The Best: Leading Global Business Schools Choose Korea University's Business School IRP (International Residence Program)    Korea University Business School (Dean=Sangyong Kim) is tirelessly striving to elevate its status beyond Korea's No. 1 to a Global Top 30 and Asia's No. 1 business school under the mission of "Business for Society – Inspiring Next Leaders" and the vision of being a "World-Class Knowledge Hub in Business.” The Business Newspaper will highlight various achievements over the past two years, including the globalization aspect, startup ecosystems, advanced business management such as ESG, and the newly launched Crimson Global Leader Program (CGLP) under close alumni network and Management Studies Program (MSP) rebranded as MINI MBA.       Korea University Business School (Dean=Sangyong Kim) runs the International Residence Program (IRP), a short-term training program where top international universities can visit to experience lectures using the latest business techniques, explore global companies, and engage in cultural activities. The IRP was paused due to COVID-19 but has been reactivated since 2023. Five universities and institutions visited in the past year, with Belgium & Lithuania scheduled to visit in October. Notably, ESADE Business School from Barcelona, Spain, visited in 2023 and 2024 and plans to return in 2025, marking three consecutive years of participation in the IRP at Korea University Business School.    ESADE Business School, accredited by EQUIS, AACSB, and AMBA, is a member of the prestigious CEMS Global Alliance. "CEMS" only allows one business school per country, signifying the best business school in each nation. Korea University Business School became a full member in 2015 and remains an active participant.      Other notable visitors include Xiamen University in Fujian Province, China, and Fudan University in Shanghai. Xiamen University visited alongside FGV Sao Paulo School of Business Administration, one of the leading business schools in Brazil.    The most recent visitor, SKOLKOVO Moscow School of Management, is located on the western outskirts of Moscow. The Russian government has invested in developing the Skolkovo area into a hub for venture companies to compete with Silicon Valley. Such visits from leading business schools enhance Korea University Business School’s reputation as a sought-after institution even among top global business schools.      The choice of Korea University Business School's IRP by these prestigious institutions is due to its excellent curriculum and top-notch faculty. Courses like Digital Transformation & Business Analytics, which utilize the latest business techniques in response to the rapidly changing industrial environment post-4th Industrial Revolution and the emergence of AI, stimulate intellectual curiosity. Students learn about integrating "new technologies" from the 4th Industrial Revolution into business management, such as Big Data applications in marketing and Big Data Analytics. Networking opportunities with graduate students majoring in Business Analytics (BA) at Korea University Business School are also a highlight of the IRP.    The IRP provides practical business education opportunities by visiting Korean companies that have grown into global corporations. Companies visited in 2023 and 2024 include Hyundai Motor Group (Hyundai Motor Studio Goyang), Samsung Electronics (Samsung Innovation), and LG Group (LG CNS). Participants also explored Korean culture and museums, visiting the National Museum of Korea. Depending on the visiting university's focus, healthcare and medical management themes led to visits to hospitals such as Bundang Seoul National University Hospital and Yonsei Severance Hospital.      In 2023 and 2024, ESADE Business School visited the National Museum of Korea, where they experienced docent-led tours and viewed various cultural artifacts. They also visited LG CNS, Osstem Implant, and Hyundai Motor Studio Goyang, gaining insights into global business operations. An ESADE Business School MBA student remarked, "The scale of Korea's national museum was impressive, and the advanced companies were remarkable." Professor Irene praised the IRP program, stating, "We had a fantastic five days in Korea."    Such selections by top global universities for short-term training at Korea University Business School underscore its excellent faculty, outstanding lectures, and the superb operation of the Executive Education Center. With the reputation of "The First & The Best," Korea University Business School’s IRP continues to be chosen by leading global universities.   

ESG Yesterday and Today, and the Paris Agreement… ESG Lecture Series by UN Global Compact Korea Secretary-General Yeoncheol Yoo   On April 30, the Korea University Business School (Dean=Sangyong Kim) held an ESG Lecture Series (hereafter referred to as the lecture) at Ahn Young-Il Hall in the LG-POSCO Building. This lecture was hosted by the ESG Research Institute (Head=Jaehyuk Lee) affiliated with the Korea University Business School, and the speaker was Yeoncheol Yoo, Secretary General of the UN Global Compact Korea. He is also a former Climate Change Ambassador and a seasoned expert who has studied climate change and climate crises for decades.      First, Head Jaehyuk Lee briefly introduced the ESG Research Institute. He highlighted, "The ESG Research Institute is the first of its kind in the country to study ESG at a university level," and added, "We are conducting various seminars and lecture series on global ESG management, which has become a significant topic worldwide."      Before delving into the main lecture, Secretary General Yoo presented several intriguing questions to the audience: Why did the global ESG boom arise around 2020 despite ESG's long history? What are the climate-related Paris Agreement and the 2050 carbon neutrality goal? What roles do companies play in achieving these carbon neutrality goals and ESG management? Is ESG merely a trend or a marketing tool?    Secretary General Yoo began by discussing the history of ESG and the recent ESG boom. The concept of ESG originates from sustainable development, which first appeared in the document "Our Common Future," published by the World Commission on Environment and Development in 1987. This document introduced the idea of sustainable development, encompassing environmental and development issues. In 1992, global representatives agreed to promote sustainable development through the 'Rio Declaration' at the United Nations Conference on Environment and Development.      ESG first appeared in the 2004 UN Global Compact report titled "Who Cares Wins." Following this, former UN Secretary-General Kofi Annan emphasized the necessity of responsible investment that considers environmental, social, and governance factors, leading to the launch of the UN Principles for Responsible Investment (PRI) in 2006. Secretary General Yoo explained, "The subsequent establishment of the Paris Agreement on climate change (2015), the setting of carbon neutrality goals (2020), and the trend of stakeholder-centric approaches through business roundtables have closely connected with the global ESG boom."    He then explained the Paris Agreement. Unlike the previous climate-related Kyoto Protocol, which emphasized historical responsibility and required developed countries to reduce greenhouse gas emissions, the Paris Agreement emphasizes the participation of all parties, highlighting shared responsibilities across past, present, and future. While the Millennium Development Goals focused on eradicating poverty in developing countries, the Paris Agreement emphasizes the restoration of social communities and the global ecosystem through the participation of all countries and stakeholders.    Secretary General Yoo assessed the Paris Agreement as the establishment of a new climate regime, stating, "Responding to climate change is an irreversible trend for the international community, and the Paris Agreement represents a sustainable expansion of the Kyoto Protocol in terms of time and space." He then sequentially presented the 2050 carbon neutrality goal, the roles of ESG companies, and their response strategies.      Finally, Secretary General Yoo spoke about the future prospects of ESG. He remarked, "The necessity of ESG management will not disappear and is expected to continue steadily through 2024." However, he noted that it might slow down compared to the past due to various adverse circumstances such as elections. He advised, "For a transition to ESG management, it is crucial to simultaneously implement a dual strategy based on the concepts of inclusiveness and diversity."