[Sponsored Report] Shinhan sets strategies for future CSR activities

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[Sponsored Report] Shinhan sets strategies for future CSR activities

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Models pose holding Shinhan Financial Group’s social responsibility report. The report is available on the group’s website. Provided by the company

Shinhan Financial Group has published a report on May 24 disclosing its corporate social responsibility (CSR) performance of the past year and layout out its future plans. This is the fifth annual CSR report to be published by the group since 2009. The first one was published by Shinhan Bank in 2005.

This year’s report outlines Shinhan’s nine strategies to achieve “compassionate finance for the future,” the group’s motto, as well as additional principles and objectives for each strategy. The report also reviews last year’s performance and introduces future tasks and goals.

Nine of its strategies stretch across areas such as the economy, society and environment. Three strategies concentrate on the economy: creating customer value through customer-centric management and information protection, building trust through stronger ethical management, and managing risk-related social and environmental factors.

There were four strategies focusing on society, or more specifically, employees, local communities and partner companies. Shinhan vowed to invest in talents, build a favorable work environment and contribute to local communities through CSR activities. Further, it aims to help those struggling financially to gain better access to financial services, and pursue shared growth with partner companies. Shinhan also promises to develop green products and make efficient use of resources to reduce the group’s environmental footprint.

Shinhan acknowledges that environmental problems can have a serious influence on a company’s sustainable growth, said the group through a press release. Thus, Shinhan’s various financial products encourage customers to adopt environmentally friendly lifestyles and support green companies. For example, Shinhan launched a program to provide financial support to eco-friendly companies called “New Green Company Loan.” In 2013, the financial group provided loans worth 445.5 billion won ($439 million) to companies advancing into the green industry. Its green management system also enables each affiliate in the group to monitor greenhouse gas emissions and energy use. Such group-level efforts resulted in a reduction of 5.4 percent greenhouse gas emissions last year.

Prior to publishing the 2013 report, Shinhan Financial Group analyzed GRI G4, the latest sustainability reporting guideline, and ISO26000, the global standard for social responsibility management. Through this process, Shinhan was able to understand stakeholders’ expectations and set urgent goals, said the financial group through a press release.

The report used a separate section to distinguish the management efforts and performance of each affiliate in the group. It also included the group’s internal human rights declaration, which supports the UN’s Universal Declaration of Human Rights and the UN Guiding Principles on Business and Human Rights.

“Shinhan will continue to pursue sustainable growth by improving customer value and contributing to the society,” said Chairman Han Dong-woo.

Chairman Han has stressed the importance of socially responsible management since he took office in 2011, and such determination has been paying off. Shinhan Financial Group was the first in the domestic financial industry to be included in Dow Jones Sustainability World Index last year. The group also ranked 30th in the Global 100 list of the world’s most sustainable corporations at the Davos Forum.

The 2013 report is available in both Korean and English on the group’s website (www.shinhangroup.com), as well as at the head offices and branches of the group’s affiliates.

By Kim Young-shin [yskim11@joongang.co.kr]

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