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Global Initiative

Promise to Respect Human Rights

Shinhan Financial Group declared that it shall comply with all laws and regulations related to employment and labor of the regions where its sites are located, support the basic principles of human rights protection and respect for human rights stated in the ‘Universal Declaration of Human Rights’ of the UN Human Rights Council and ‘Guiding Principles on Business and Human Rights’, and strive to comply with the above principles. Also, we promote mutually growing relationships through fair transactions with business partners including suppliers and service providers and conduct business with them in a mutually equal position. Specifically, we are making efforts to eliminate factors violating human rights that may occur in all areas of our businesses including financial product sales, provision of financial services, and others, and to seek for remedies immediately and efficiently if such case takes place. By doing so, we are leading the effort for the management in favor of human rights. Our promise to respect human rights is also applied to our subsidiaries, associated companies and limited partnership company, and business partners in contractual relationship.

Labor Rights Protection
  • We provide a safer and more pleasant work environment to employees and prevent illegal labor practices such as forced labor, and child labor.
  • Observe working hours: We define working hours and overtime according to the standard stated in labor laws and regulations of the region where our place of business is located and provide overtime pay when employees work overtime exceeding the designated working hours.
  • Proper payment of wages: We provide wages higher than the minimum amount defined in the labor laws and regulations of the regions where our place of business is located.
  • Prohibition of discrimination: We do not discriminate based on school network, local network, age, gender, race, or religion in terms of personnel management related to employment, employment retention, evaluation and promotion, and payment of wages.
 Employees
Partner companies
Local communities
ESG Screening inInvestments
  • We restrict sales and investment activities including investment, loans, and savings for certain regions, industries, companies or individuals that have the possibility of forced labor or child labor.
  • We restrict sales and investment activities including investment, loans, and savings for certain regions, industries, companies or individuals that may violate human rights of indigenous people due to significant social and environmental impacts.
 Employees
Partner companies
Local communities
Access to financial services
  • Provision of fair services: We do not provide discriminatory financial services based on gender, race, religion, or political preferences.
  • Information protection: We take technical measures required to prevent the violation of human rights caused by customer information leakage in advance and collect the minimum level of data to conduct sales activities.
  • Protection of financially disadvantaged groups: We provide additional information and guidance services for seniors, people with disabilities, and marginalized groups who are restricted in their usage and access to financial services.
 Customers
Local communities

Human Rights Principles to Protect Stakeholder Interests

Respecting for human rights of all stakeholders provides a background for Shinhan Financial Group to achieve its mission ‘Compassionate Finance, Your Companion for the Future’, and for employees, customers and all members of society to prosper and grow together. The human rights principles of Shinhan Financial Group represent our belief that all people deserve to enjoy their basic rights and freedom and we will strive to keep that faith. As one of the most influential companies supporting the growth of local communities and a financial service provider, and partners of our suppliers, Shinhan Financial Group complies with all employment and labor related laws and regulations of the regions where our sites are located and supports the basic principles for protection and respect for human rights stated in the ‘Universal Declaration of Human Rights’ of the UN Human Rights Council and ‘Guiding Principles on Business and Human Rights’.

Stakeholder Human rights principles for key stakeholders
Employees
  • We do not discriminate based on school network, local network, age, gender, race, or religion.
  • We fairly evaluate and compensate employees according to their performance, provide fair opportunities of self-development based on talents and capabilities.
  • We continue to provide a safer and more pleasant work environment to improve the health of all our employees.
Customers
  • We do not provide discriminatory financial services based on gender, race, religion, or political preferences.
  • We do not demand that our customers provide excessive information and take technical and physical measures to ensure privacy protection.
  • We respect the demands and expectation of customers and develop and provide the best products and services.
Shareholders and investors
  • We maintain the accuracy and reliability of accounting documents to ensure transparency in management.
  • We provide the information required for shareholders and investors fairly and in a timely manner in accordance with related laws and internal regulations.
  • We respect the reasonable demands and recommendations of shareholders and investors and maintain a mutually trusting relationship.
Partner companies
  • We highly regard the value of partner companies as a companion for coexistence.
  • We do not solicit to purchase products and services of the group in selecting its partner companies.
  • We conduct business in a mutually equal position rather than in a superior position.
Local communities
  • We are aware of our responsibility for the development of the local community and actively participate in social contribution activities as a member the local community.
  • We do not unfairly discriminate unfairly socially marginalized groups within local society when it comes to providing financial products and services, employment opportunities, and participating in financial education programs.
  • We determine our loans and investments for large-scale projects that can cause potential issues for local environment and society by considering their potential side effects.
Government institutions and relevant associations
  • We comply with the laws and regulations of a country where our sites are placed, strengthen internal control to achieve compliance management, fulfill the taxation obligation and liability for tax payment.
  • We prevent transactions with false or borrowed name accounts and illegal money laundering transactions to make a sound and transparent society.
  • We strictly comply with the Political Funds Act that prohibits the political donations of corporates or entities and do not provide political funds.

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