JB Financial Group has been honored with the ESG Excellent Company Award by the Korea Institute of Corporate Governance and Sustainability (KCGS) at the Korea Exchange in Yeouido, Seoul, on Friday.

“We see this recognition as an opportunity to further strengthen our responsibility and role in taking the lead in sincere and advanced ESG management,” the financial group said in a statement.

Since 2011, the KCGS has been evaluating local companies' performance in environment, social and governance sectors.

Among the 1,033 companies it reviewed this year, JB Financial Group received the award in the financial company sector with an overall grade of A. It was given an A in the environment category, A+ in social and A in governance.

As part of its ESG drive, the Jeonju-based financial holding company has created an ESG committee comprising the entire board of director members. It also established an ESG council, in which key executives and working-level staff take part in.

JB Financial Group is also the second financial firm in Korea to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target.

SBTi is a collaborative effort by CDP, the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature.