Case Study on ESG Operations in Four Major Korean Financial Groups: KB Financial Group, Shinhan Financial Group, Woori Financial Group, and Hana Financial Group

This study analyzes the ESG management activities of the four major Korean financial groups—KB Financial Group (KBFG), Shinhan Financial Group (SHFG), Woori Financial Group (WRFG), and Hana Financial Group (HNFG)—over three consecutive years (2021–2023). (1) Background/Purpose: ESG management has established itself as an indispensable strategy in the modern financial industry. Financial institutions control the flow of capital and allocate resources, making the pursuit of sustainable finance increasingly critical. This study investigates whether ESG activities in the four major groups constitute genuine virtuous-cycle management—systematically implementing policies, reviewing outcomes, and feeding back into the following year’s strategy—or remain at the level of performative policy-setting. (2) Study Design/Methodology/Approach: Sustainability management reports (ESG reports) published by the four groups over the 2021–2023 period were collected and analyzed by ESG domain (Environment, Social, Governance) with year-on-year trend comparisons. Key metrics include internal carbon emissions, renewable energy usage ratios, social contribution investment, number of ESG-related committees, and risk management training hours. (3) Findings: All four groups demonstrate continuous improvement across E, S, and G dimensions, with each group’s strategy shaped by its distinct corporate philosophy: KBFG emphasizes sustainable management, SHFG emphasizes risk management reinforcement, HNFG emphasizes digital financial service enhancement, and WRFG emphasizes ethical and law-abiding management. Carbon emissions declined steadily for all four groups, yet direct cross-group comparison remains difficult due to differing measurement standards. (4) Originality/Value: The study confirms that the four groups are not merely establishing policies but are forming genuine feedback loops between implementation and strategy. It also highlights the urgent need for unified ESG measurement and disclosure standards to enable objective comparisons for investors and consumers.