Shinhan Financial Group, 250 Executives Including Headquarters Chiefs Donate Emergency Disaster Relief Funds

[Asia Economy Reporter Kwon Haeyoung] Shinhan Financial Group announced on the 13th that more than 250 executives at the head of division level and above across the group will voluntarily participate in donating their emergency disaster relief funds to help overcome the novel coronavirus infection (COVID-19) and revitalize the local economy.

A Shinhan Financial Group official explained, "As Korea's leading financial group, this is to faithfully fulfill the role and social responsibility expected by our society."

Shinhan Financial Group decided to promote differentiated donations in three directions to foster a voluntary donation atmosphere among employees and to assist local commercial districts struggling due to COVID-19.

First, about 250 executives at the head of division level and above in the group will donate their entire emergency disaster relief funds. The group also plans to cultivate a healthy donation participation culture so that employees at the department head level and below can voluntarily join.

Next, each group company will prepare measures to participate in a "good consumption movement" to revitalize the depressed local economy. To help small business owners and micro-entrepreneurs suffering from COVID-19, Shinhan Financial Group companies plan to conduct a prepayment campaign targeting affiliated stores near their headquarters and nationwide branches. Previously, Shinhan Bank carried out a prepayment campaign worth 1.5 billion KRW last month, and the plan is to expand this to all group companies and have each company establish autonomous implementation plans to lead the spread of the good consumption movement.

Lastly, the group will also promote a plan where Shinhan Financial Group adds a certain amount of matching donations to the voluntary donations made by all group employees. For example, if the donation amount is 100 million KRW and the matching donation rate is 50%, Shinhan Financial Group will additionally donate 50 million KRW. The matching donation rate will be decided and implemented autonomously by each group company to preserve the spirit of fostering a voluntary donation culture.

The amount raised through company-level matching donations will be used by Shinhan Financial Group to purchase local love gift certificates, which will be delivered to vulnerable and marginalized groups through the Shinhan Hope Foundation and others. This aims to support vulnerable and marginalized groups whose livelihoods are threatened and to contribute, even slightly, to revitalizing local commercial districts.

A Shinhan Financial Group official said, "We have agreed that Shinhan leaders will voluntarily donate their entire emergency disaster relief funds to support socially vulnerable groups such as low-income households and micro-entrepreneurs who are suffering greatly due to the impact of COVID-19, and to ensure the funds are used where they are most needed, such as stabilizing citizens' lives. We hope the warm hearts of Shinhan employees will be well conveyed to neighbors in difficulty."

This content was produced with the assistance of AI translation services.