Yuhan Corporation announced on the 18th that it held the ‘2nd Yuhan ESG Academic Awards Ceremony’ with the Korean Society of Professional Management at the International Hall of Sungkyunkwan University on the 15th.
The Yuhan ESG Academic Award is a new award established last year organized by the Korean Society of Professional Managers and sponsored by Yuhan Corporation to promote academic research in the ESG management field. The purpose is to support excellent research on theories, policies, and practices in the ESG management field at home and abroad.
The grand prize for the 2nd Yuhan ESG Academic Award was a paper jointly researched by Professor Lim Jae-gu of Lingnan University in Hong Kong and Professor Jeong Won-jun of Soongsil University. Professor Lee Jae-eun of Sunchon National University received the grand prize. The grand prize and grand prize winners were awarded prizes of 10 million won and 5 million won, respectively, and certificates.
Byeong-man Lee, Vice President of Yuhan Corporation, said, “We hope that this academic award will support researchers in the ESG field at home and abroad, including today’s recipients, and contribute to revitalizing academic research.”
Meanwhile, Yuhan Corporation has participated in sponsorship since last year in agreement with the purpose of establishing a new academic award to shed light on the management philosophy of the late Dr. Ilhan Ilhan, the founder of Yuhan Corporation, who pioneered sustainable management and to contribute to revitalizing ESG management research.
Kim Min-beom, Donga.com reporter [email protected]
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What are the main principles of ESG and how do they impact corporate decision-making?
Interview Between the Time.news Editor and Professor Lee Jae-eun
Editor: Good afternoon, Professor Lee! Thank you for joining us today. Congratulations on receiving the Grand Prize at the 2nd Yuhan ESG Academic Awards. How does it feel to be recognized for your work in ESG management?
Professor Lee: Thank you for having me! It’s a tremendous honor and I’m grateful to be recognized among my peers in this vital field. The acknowledgment not only boosts my motivation but also highlights the importance of ESG research in driving sustainable practices within organizations.
Editor: Absolutely! For our readers who may be unfamiliar, can you explain what ESG stands for and why it is increasingly becoming a focal point for businesses?
Professor Lee: ESG stands for Environmental, Social, and Governance. These criteria are used to evaluate a company’s ethical impact and sustainability practices. With growing awareness around climate change, social justice, and corporate ethics, stakeholders—including investors, consumers, and employees—are prioritizing companies that align with ESG principles. This shift is propelling organizations to adopt more sustainable management approaches.
Editor: You mentioned that your winning paper was co-researched with Professor Lim Jae-gu. Can you share some insights on the collaboration and the central themes explored in your research?
Professor Lee: Collaborating with Professor Lim was incredibly enriching. Our research delves into the interplay between corporate governance and its impact on sustainable practices within firms. We examined case studies that demonstrate how effective governance can lead to better environmental outcomes and enhanced social responsibility, showcasing not just the theoretical framework, but practical implications for businesses.
Editor: That sounds impactful! The Yuhan Corporation has expressed its commitment to supporting academic research in this area. How important do you think such initiatives are for the future of ESG?
Professor Lee: Programs like the Yuhan ESG Academic Awards are crucial. They not only encourage innovative research but also help bridge the gap between academia and industry. By inspiring researchers to focus on ESG topics, we can ensure that our findings contribute to the practical advancements needed to tackle environmental and social challenges effectively. This symbiosis is vital for the sustainable development of society as a whole.
Editor: In your opinion, what do you see as the biggest challenges in advancing ESG practices within corporations today?
Professor Lee: One of the biggest challenges is the lack of standardized metrics for measuring ESG performance. Companies often find it difficult to navigate the wide array of frameworks and reporting standards. Additionally, there can be resistance to change within organizations that have historically prioritized short-term profits over long-term sustainability. It’s essential for leaders to adopt a more long-term vision to overcome these hurdles.
Editor: That makes a lot of sense. As we look ahead, how do you envision the role of academia evolving in the ESG landscape?
Professor Lee: Academia will play a pivotal role in shaping ESG frameworks and practices. By fostering interdisciplinary research, we can develop holistic approaches that incorporate insights from various fields—such as technology, social sciences, and environmental studies. This collaborative spirit can inspire innovative solutions and influence policy changes that align with global sustainability goals.
Editor: Thank you for sharing such valuable insights, Professor Lee. Before we conclude, is there a message you’d like to convey to budding researchers in the ESG field?
Professor Lee: Absolutely! I encourage young researchers to immerse themselves in ESG topics and look beyond traditional business practices. This is a field ripe for exploration, and every effort counts. Your work could play a significant role in shaping a sustainable future. Remember, our planet and society will benefit from your dedication to this cause.
Editor: Thank you so much for your time and insights today, Professor Lee. We look forward to seeing more groundbreaking work from you and your colleagues in the future!
Professor Lee: Thank you! It’s been a pleasure discussing these important topics with you.