The Federation of Korean Industries, one of the leading business representations here, said Wednesday that it has launched an organization solely dedicated to dealing with environmental, social, and governance issues.

The role of the new organization, named “K-ESG Alliance,” will be to share ESG-related information with member companies and hold ESG conferences for global investors, officials said.

The alliance will be led by Kim Yoon, chairman of Samyang Holdings, the holding unit of food, chemical, and medicine operator Samyang Group.

The alliance is slated to kick off next month and hold its regular quarterly meeting thereafter.

“We chose the term ‘alliance’ in order to encourage even non-member companies to participate (in the ESG agenda) and to facilitate cooperation with international organizations,” an FKI official said.

Out of the nation’s top 10 business groups, seven have either established a separate organization to be in charge of ESG agendas or expanded their conventional bodies to address the issues, according to the FKI.

LG Group and Hyundai Heavy Industries Group are set to follow suit within the first half of this year.

By Bae Hyun-jung (tellme@heraldcorp.com)