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SHINHAN FANANCIAL GROUP





Global Initiatives

Social Value Initiatives

Shinhan Financial Group joined the UN Global Compact (UNGC), which encourages corporate sustainability and social responsibility as corporate policies, and the Value Balancing Alliance (VBA), which develops a currency-based social value measurement standard. We also strive to become a financial group that creates social value through indicators of Sustainability Accounting Standards Board (SASB), which refers to sustainability accounting principles.

UN Global Compact

The UNGC is an initiative that mainstreams the Ten Principles in the areas of human rights, labour, environment and anticorruption in business activities and that supports the achievement of comprehensive goals set by the UN, such as the UN Sustainable Development Goals (SDGs). Shinhan Financial Group joined the UNGC in May 2008, and has been disclosing relevant activities by issuing its CSR Report every year since 2014.

Value Balancing Alliance

The goal of the VBA is to develop a method that measures and compares value that a company contributed to society, economy, and the environment and that is not reflected in financial statements. The VBA seeks to convert environmental and social impact into comparable financial data. Shinhan Financial Group became the first in the Asian financial industry to join the VBA in March 2021 and plans to participate in the development of a global standard model on ESG measurement.

Sustainability Accounting Standards Board

The SASB provides a sustainability material map by industry to enable comparisons of financial impact on ESG issues among companies, and establishes and develops standard public notice criteria. Shinhan Financial Group first disclosed SASB matters through the 2019 CSR Report.

Scope of Indicators for Impact Statement Method
Scope of Indicators for Impact Statement Method
Economic
  • Gross Value Added (GDP contribution): taxes, wages, profits, etc.
Human and Social
  • Occupational health and safety
  • Training
Environmental
  • GHG/climate change
  • Air emissions
  • Water consumption
  • Water pollution
  • Land use (biodiversity)
  • Waste
Materiality Map
Materiality Map
Environment GHG emissions, air quality, energy management, water & wastewater management, waste & hazardous materials management, ecological impacts, etc.
Social Capital Human rights, data security, product quality & safety, customer welfare, selling practices & product labeling, etc.
Human Capital Labor practices, employee health & safety, employee engagement, diversity & inclusion, etc.
Business Model &
Innovation
Product lifecycle management, business model resilience, supply chain management, materials sourcing, physical impacts of climate change, etc.
Leadership &
Governance
Business ethics, management of the legal & regulatory environment, systemic risk management, etc.