Shinhan changes concept of helping others

Shinhan Financial Group Chairman Han Dong-woo, front, and Shinhan Bank CEO Suh Jin-won, on his right, painted trees with other group executives on the wall of a facility for the mentally disabled in northern Seoul on April 17. / Courtesy of Shinhan Financial Group

By Kim Rahn

Corporate social responsibility (CSR) activities are a focus of all Korean companies of late, and Shinhan Financial Group is no exception. However, when group Chairman Han Dong-woo took office two years ago, he realized Shinhan’s activities were not well recognized.

He thought the company’s activities, despite the large amount of money donated, were not enough to demonstrate the firm’s “sincerity.”

Han decided to set a new agenda for CSR with three major themes _ “coexistence,” focusing on welfare programs; “sympathy” for culture-related projects; and “symbiosis” for environmental protection.

Coexistence indicates the company’s commitment to welfare for the underprivileged. One such activity is the Job S.O.S. II project, in which Shinhan affiliates raised 56.4 billion won to offer small- and medium-sized businesses that hired workers, helping about 5,000 people obtain jobs in 2011.

The sympathy theme refers to the preservation of traditional values and cultures. As part of this, the group gave 400 million won toward the restoration of Sungnyemun, also known as Namdaemun, the national treasure No. 1 that was burnt down by an arson attack in 2008. The restoration is almost complete.

Symbiosis focuses on making people realize the importance of nature and supports environmentally-friendly energy and the green industry.

Shinhan’s efforts have now been recognized, topping the evaluation ranking by Sustinvest, a CSR research institute, in 2011.

The group has developed more varied CSR activities since.

In June 2012, Shinhan launched finance and economy education programs, designed to share the group’s experience and knowledge.

Taking advantage of the strengths of different affiliates, a mock financial activity for elementary schoolchildren is organized by the group’s banking arm; finance lectures for underprivileged children at welfare centers by the credit card affiliate; finance camps for teenagers by the securities arm; and education for the elderly by the insurance subsidiary.

The mock financial activity is especially popular as children learn skills such as opening bank accounts, having a credit card issued, buying insurance and trading stocks.

“Workers who have good knowledge in finance and are enthusiastic about volunteer work provide tailored education that meets the different needs of the different age groups,” a group official said.

In its most recent CSR activities, Han and CEOs of the affiliates painted pictures on the walls of a welfare facility for the mentally challenged in northern Seoul on April 17.

The group also gave a donation, which will be spent to improve the heating systems of the facility and to purchase necessities for the residents.

Following that, about 22,000 workers of the group and their family members will engage in volunteer work through May 26. The programs include helping on farms in sister villages across the nation, cleaning cultural properties, making noodles and bread for the needy and tree planting.