and non-profit organizations. In addition, in terms of society, all stakeholders have begun to be considered during mergers and acquisitions, and the relationship between franchisees, partners, and employee treatment of large companies are also being evaluated. As you can see from the sale of Hanwha and the decentralized coal project, it is better to dispose of projects with unethical and inhumane factors such as human rights violations and civilian damage. And in terms of government, it is very beneficial to run ESG to increase the value of your company in future M&A transactions because it also looks at the diversity of board composition and management corruption. As investment in consideration of non-financial factors such as ESG expands, companies are increasingly required to focus on managing ESG risks for smooth financing. According to the Global Risks Report released by the World Economic Forum, global risks 10 years ago were centered on financial risks, but in recent years, most of them are non-financial risks such as the environment and society. In other words, companies with well-managed ESG are likely to have the ability to cope with these non-financial global risks. In fact, if ESG is well managed, it is unlikely that companies with high energy efficiency will experience negative events such as embezzlement and corruption, and even if energy prices soar due to climate change, they can respond more reliably than other companies. ESG management enables companies to manage risks, increase sustainability, and achieve long-term corporate value gains while facilitating financing. In the current situation where non-financial risks are extremely important, companies can reduce these risks through ESG management, draw investments through ESG ratings, and generate long-term increases in corporate value. For these reasons, many corporations are conducting ESG management. Microsoft has been working on a project to build an undersea data center since 2015. When servers in existing data centers are heated, they cannot function properly and have to be cooled down continuously, which is said to use a huge amount of electricity. The company is pushing for a way to build a data center on the seabed to maintain temperatures without using electricity. Apple is also going to reflect ESG's management performance on executives' performance-based bonuses. The plan is to evaluate the level of efforts of executives on six key values, including environment, diversity, and integration among employees, and reflect them in performance-based bonuses. It seems to be clear that companies that are good at ESG management have good financial performance and show better corporate operational performance when considering ESG. A report released by Bank of America in 2019 also showed that the value premium between the top 20% companies with high ESG scores and the bottom 20% more than five times. In other words, corporate performance and ESG management can never be thought aside. ESG, which is never easy to push ahead with considering immediate benefits, is becoming the core for sustainable growth. In particular, it is no exaggeration to say that it is difficult to guarantee the future of companies unless they actively respond to ESG. 5.2 Correlation of ESG Management and Corporation Profits A small, gradual increase in corporate wealth and value is natural even without the implementation of ESG due to new technology development, concrete target consumers and
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