Shinhan evaluates the actual and potential items that may affect human rights through its management activities. We have been conducting a human rights risk assessment on major subsidiaries and partner companies since 2016. Also, an analysis of global initiatives and macro trends along with benchmarking, media surveys, and participation of stakeholders took place in order to verify the potential threats to human rights.
Based on this, we have confirmed 8 human rights issues that may occur in our value chain while conducting business. The confirmed potential threats to human rights were distributed in various areas including loan, saving, insurance, and project financing and key stakeholders were partner companies, employees, customers and local communities. Corrective measures and mitigation plans to prevent each issue in advance were established by the concerned subsidiary, relevant departments, and partner companies.
To resolve these confirmed issues, the subsidiaries have conducted lectures on the protection of customers’ personal information to put emphasis on complying with personal information processing guidelines. The partner companies are also making efforts to deal with issues related to human rights to conduct their business through reinforcing communication programs between labor and management, improving working conditions. They particularly strengthened internal guidelines on the management of records. Shinhan Financial Group reports the results of monitoring of assessment and management of factors that affect human rights to the Group CSR Council which is composed of CEOs of subsidiaries along with the CSR Committee within the board of directors, for them to review.