Mirae Asset Securities approves financial statements, dividends, the appointment of directors and the change of its corporate name in a regular shareholders' meeting at Center One Building in Seoul on March 24. Senior Vice Chairman Choi Hyun-man speaks during the meeting. (Photo: Mirae Asset Securities)

Mirae Asset Securities confirmed the appointment of inside directors and the CEO, the change of its corporate name, and the establishment of the ESG Committee in a respective shareholder and board meetings at Euljiro Center One Headquarters Building in Seoul on March 24.

CEO and Senior Vice Chairman Choi Hyun-man, who extended his term as CEO for the fifth consecutive year, will be in charge of the overall management of the company.

In addition, Mirae Asset Securities approved its financial statements for fiscal 2020 and decided to pay 200 won per common share in dividends and 220 won per preferred share in dividends.

Mirae Asset Securities has been implementing shareholder-friendly dividend policies since its foundation, continuing to ramp up the total amount of dividends to 124.7 billion won in 2017, 153.9 billion won in 2018 and 182.1 billion won in 2019.

The combined amount of dividends for fiscal 2020 and all cancelled treasury shares stood at about 280.5 billion won. This means Mirae Asset Securities used about 34.1 percent of its net profit for shareholder return policy.

“We will continue to push ahead with our shareholder return policy so that we can grow with shareholders based on the spirit of a strong customer-company alliance at a time when everyone is having a hard time due to the COVID-19 pandemic,” said Choi Hyun-man, vice chairman of Mirae Asset Securities.

“We have pursued growth and stability through thorough risk management. We will do our best to earn more trust and respect from our customers and investors along with our new company name.”

The shareholders’ meeting also passed a motion to change the corporate name to Mirae Asset Securities, in line with the group's global brand strategy.

Mirae Asset Securities will keep its social responsibilities in mind as an investment group and strengthen financial consumer protection with the change of its corporate name as strong momentum.

Meanwhile, the Board of Directors approved the establishment of the ESG Committee. Mirae Asset Securities will fulfill its social responsibilities by establishing a system in which its top decision-making body reviews, resolves ESG matters and transparently discloses them to the outside.

In a related development, on March 30, Mirae Asset Securities held an ESG Committee meeting within its Board of Directors and resolved two agendas — the ESG Policy Framework and the Environmental and Social Policy Statement.

Mirae Asset Securities approved the ESG Policy Framework which includes ESG management missions and mid- to long-term strategic directions.

The company plans to present directions for enterprise-wide implementation and upgrade the level of ESG management by establishing ESG policies, developing strategies and setting goals.

Moreover, the company decided to establish and run a four-level governance system in order to systematically implement and manage ESG management tasks. Each level will belong to the ESG Committee, the ESG Executive Council, the ESG Working Council and the ESG Promotion Team.

The second agenda, Environmental and Social Policy Statement presents standards and implementation processes for environmental and social risk management by setting cautionary and exclusionary areas when making investment.

The statement also called for not making direct investment in coal-fired power plant construction and coal mining, which will go into effect in the first half of this year through a revision of the company’s corporate regulations and rules.

“Mirae Asset Securities will establish an enterprise-wide ESG policy to reinforce its ESG management such as establishing sound corporate governance, enhancing shareholder value and actively engaging in social and environmental issues,” said an official at Mirae Asset Securities.

“By increasing the economic value of our stakeholders, we will create a business environment where we can continue our business in a stable and balanced manner in spite of any external changes in the future.”

Mirae Asset Securities, meanwhile, has been cementing its position as an ESG-leading securities firm while receiving top ratings from major ESG rating agencies such as winning a top rating in the Dow Jones Sustainable Management (DJSI) World Index for the ninth consecutive year.