Shinhan Financial Group Wins 'Korea Sustainability Report Award'

Cho Yong-byeong, Chairman of Shinhan Financial Group

[Asia Economy Reporter Kwangho Lee] Shinhan Financial Group announced on the 5th that it received the Korea Sustainability Report Award (KRCA) at the '2021 Korea Sustainability Conference' held at Lotte Hotel in Sogong-dong, Seoul.

This award marks the sixth time, following previous wins in 2008, 2013, 2016, 2018, and 2020.

The KRCA is an award given by the Korea Standards Association to companies that diligently carry out sustainable management activities and communicate well with stakeholders such as consumers and partner companies. Awarded companies are selected based on evaluations by sustainability management experts and stakeholders according to the international sustainability reporting guidelines (GRI).

Since 2005, when Shinhan Bank, a group company, published the first social responsibility report in the domestic financial sector, Shinhan Financial has published its 16th report this year and is leading domestic financial ESG reporting by differentiating its annual ESG (Environmental, Social, Governance) reports.

In particular, to respond to the increasing demand for ESG information disclosure from various stakeholders and to strengthen communication, Shinhan Financial expanded the frequency of ESG report publication from once to twice a year starting this year, the first among domestic financial companies. In March, it published the storytelling-focused 'ESG Highlights,' and in July, it released the 'ESG Report,' which presents ESG quantitative data at a glance.

Additionally, following the introduction of the Task Force on Climate-related Financial Disclosures (TCFD) requested by major investors such as BlackRock in 2019, and the Sustainability Accounting Standards Board (SASB) framework in 2020, Shinhan Financial newly adopted the 'ESG Information Disclosure Guidelines' recommended indicators presented by the Korea Exchange (KRX) in 2021.

A Shinhan Financial official stated, "The importance of ESG is being emphasized more than ever, with the expansion of mandatory regulations related to ESG disclosure both domestically and internationally. Since disclosure is the cornerstone of transparency, the core of ESG, Shinhan Financial hopes that its various attempts in ESG reporting will positively influence other companies that have not yet disclosed ESG information."

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