Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Shinhan's ESG performance in 2021 worth $1.5 billion
A promotional image for the Shinhan ESG Value Index used to measure Shinhan Financial Group's performance on environmental, social and corporate governance (ESG) principles / Courtesy of Shinhan Financial Group
By Yi Whan-woo
By Yi Whan-woo
Shinhan Financial Group carried out efforts and activities related to environmental, social and corporate governance (ESG) principles worth 2.13 trillion won ($1.53 billion) last year, the banking group announced, Tuesday.
The figure is up from 780 billion won in 2019 when the country's second-largest banking group began to quantify its annual ESG performance.
The number of ESG-related programs also increased from 93 to 244 between 2019 and 2021.
The quantification is made possible using the Shinhan ESG Value Index co-developed by the banking group and Yonsei University's Center for Global ESG and Business Ethics.
“Creating value for customers, community and society, plus measuring and analyzing such value in a thorough manner will be a key barometer for ESG management,” Shinhan Financial Group Chairman Cho Yong-byoung said in a press release.
He called Shinhan Financial Group “a leading company in ESG management” and vowed to make “all-out efforts to spread ESG values and pursue sustainable growth.”
Of the 244 programs in 2021, 125 were linked to issues on environmental protection, innovation and joint prosperity that, collectively, were worth 1.7 trillion won.
Another 34 programs were aimed at protecting consumers against voice phishing and other financial scams, as well as nurturing public education on finance and social diversity. They were worth 172.8 billion won.
Shinhan Financial Group joined the Value Balancing Alliance (VBA) in 2021 to develop more sophisticated measurements of business management in partnership with other VBA member firms, including BASF and Novartis.
Established in 2019, VBA is a nonprofit organization consisting of more than 25 companies worldwide under a shared goal of sustainability.