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| Principles for Responsible Investment (PRI) logo |
By Anna J. Park
Korea Investment Corporation (KIC), the country's sovereign fund, plans to join the UN-backed Principles for Responsible Investment (PRI), aiming to strengthen its ESG-focused investment activities. Launched in 2006 by UN-led initiatives, the PRI is the world's largest network for the cause of sustainable investment, with over 5,100 institutions from across the world being its signatories.
According to the KIC, the sovereign fund's CEO, Jin Seung-ho, met with David Atkin, PRI CEO, at the headquarters of the KIC in central Seoul on Wednesday afternoon. The two chiefs pledged to cooperate, as the KIC is slated to submit its application to join the PRI in the near future.
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| KIC CEO Jin Seung-ho, left, holds hand with David Atkin, PRI CEO, at the headquarters of the KIC in Seoul, Wednesday. Courtesy of KIC |
It is expected that the KIC's joining of the PRI will be completed by the end of this year. If completed, the KIC will be the second public institutional investor in Korea to become a signatory of the PRI, following the National Pension Service (NPS) in 2009. Since 2018, the KIC has been proactive in adopting ESG principles in investment decisions, and the sovereign fund has completed setting up an ESG-centered investment system, which started in 2020.
"The KIC has been committed to expanding ESG-based investment partnerships with global institutional investors. With becoming a signatory to the PRI, the KIC's responsible investment activities are expected to be strengthened," KIC CEO Jin said.
Atkin responded that he welcomes the KIC's commitment to join the PRI, adding that the sovereign fund's leadership in responsible investment will be solidified through the partnership with the PRI.
