Female directors account for only 4.1 pct of financial firms’ boards in S. Korea

SEOUL-- The portion of female directors at local financial companies stood at 4.1 percent as of the end of last year, lower than that of overall listed companies in South Korea, a report said Sunday.

Among 209 outside directors at 13 banks, 27 brokerage houses and 12 insurance companies, only 12 were female, a report by Korea Insurance Research Institute said.

Of 129 internal directors at the companies, only two were female, the report said.

The portion of female directors at the financial companies represented only one-sixth that of the listed companies in the members of the Organization for Economic Cooperation and Development (OECD), the report said.

The portion of female directors at the overall local listed companies was 4.9 percent at the end of last year.

With the spread of "ESG management" worldwide, many foreign countries and companies have been trying to enhance the diversity of their board of directors, including increasing female directors, the report said, calling for local companies to follow suit.

ESG, which is short for environmental, social and governance, is intended to support environmental protection, social justice and ethical management practices.

Source: Yonhap News Agency