Banks agree ethical principles

South Korean banks have agreed on a set of principles for their industry including a commitment to act in a socially responsible manner. The official management principles, drawn up by the Korea Federation of Banking, state, among other things, that banks ‘shall make a contribution to society by generating new values and securing growth engines of the future based on corporate social responsibility’. The federation has also formed a sustainability management group consisting of bank representatives and sustainability experts. The group will look at how the sector can improve its social and environmental performance.