Project Details
Project
Mirae Asset Daewoo Co., Ltd. Green, Social and Sustainability Framework Second-Party Opinion
Client
Mirae Asset Daewoo Co., Ltd.
Project Type
Sustainability Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
South Korea
Evaluation Date
Apr 2019
Evaluation Summary
Sustainalytics is of the opinion that the Mirae Asset Daewoo Co., Ltd. Green, Social and Sustainability Bond Framework is credible and impactful, and aligns with the Green Bond Principles 2018, the Social Bond Principles 2018 and the Sustainability Bond Guidelines 2018. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds, (i) renewable energy, (ii) green buildings, (iii) sustainable water and wastewater management, (iv) SME financing and microfinance, and (v) affordable housing, are aligned with those recognized by the Green Bond Principles 2018, Social Bond Principles 2018 and Sustainability Bond Guidelines 2018. Sustainalytics considers that financing these eligible projects will have positive environmental and/or social impacts that advance the UN Sustainable Development Goals.
PROJECT EVALUATION/SELECTION
Mirae Asset Daewoo’s internal process for evaluating and selecting projects is in line with market standard. Mirae Asset Daewoo’s dedicated Green, Social and Sustainability Bond Working Group is responsible for project evaluation and selection, and is composed of members from the Business Innovation Team, Business Management Team, Treasury Team, Investor Relations Team, Public Relations Team, Investment Banking Division, Alternative and Principal Investment Department, Risk Policy Team, Market Risk Management Team, Credit Risk Management Team, Corporate Finance Assessment Team and Investment Finance Assessment Team.
MANAGEMENT OF PROCEEDS
Mirae Asset Daewoo’s processes for management of proceeds is in line with market practice. The management of proceeds will be overseen by the Treasury team, and the balance of the proceeds and its allocation will be tracked and monitored using a dedicated register.
REPORTING
Mirae Asset Daewoo will annually report allocation of proceeds on its website. In addition, Mirae Asset Daewoo is also committed to reporting quantitative environmental and social indicators. Sustainalytics views Mirae Asset Daewoo’s allocation and impact reporting as aligned with market practice.