After 2 Years, Chairman Jo Yong-byeong Returns Abroad, Achieves Remarkable Success in Spreading K-ESG

Touring the US, UK, and France for Overseas IR... Comprehensive Introduction of Management Issues and Performance
First Private Financial Company CEO Invited to COP26... Promoting 'ESG Activities'
Plan to Spread Shinhan Financial's Carbon Neutral Strategy in New Southern Regions like Vietnam and Indonesia

Shin Yong-byeong, Chairman of Shinhan Financial Group, participated in the "Marrakech Partnership," an official event of the 26th United Nations Climate Change Conference of the Parties (COP26) held in Glasgow, UK, on the 3rd, discussing the low-carbon transition in the financial sector.

[Asia Economy Reporter Kwangho Lee] Cho Yong-byeong, Chairman of Shinhan Financial Group, has signaled the diversification of overseas business by resuming investor relations (IR) meetings for foreign investors, which had been suspended for two years due to the spread of COVID-19. Additionally, as the first representative of an Asian private financial institution invited to the 26th United Nations Climate Change Conference of the Parties (COP26), he introduced the carbon neutrality strategy called ‘Zero Carbon Drive’ and presented a global ESG (Environmental, Social, and Governance) management vision, receiving great applause.

According to Shinhan Financial on the 15th, Chairman Cho dedicated himself to IR activities for 18 days from the 27th of last month to the 13th, consecutively visiting the United States, the United Kingdom, and France. The trip was accompanied by IR staff, including Executive Vice President and Chief Financial Officer (CFO) Noh Yong-hoon.

This was Chairman Cho’s first overseas business trip in two years since October 2019. He is reported to have provided comprehensive explanations regarding management issues and performance to overseas investors in key regions.

Chairman Cho is sparing no investment in the global sector. As of the end of June, the overseas network spans 241 locations in 20 countries, with 6,419 local employees. Although global net profit was 289.2 billion KRW, slightly reduced due to the impact of COVID-19, it had recorded growth every year until 2019. The global segment accounts for 8.1% of the group’s total profit and loss.

A Shinhan Financial official explained, "We have started discussions on overseas IR to communicate directly with investors and attract global investors. It is still at the stage of assessing feasibility, and the actual resumption of overseas IR has not been decided."

Shin Yong-byeong, Chairman of Shinhan Financial Group, is presenting Shinhan Financial's carbon neutrality strategy at the 'Korea Pavilion' during the 26th United Nations Climate Change Conference of the Parties (COP26) held in Glasgow, UK, on the 9th.

From the 31st of last month to the 12th, Chairman Cho also attended the ‘Marrakech Partnership,’ an official event of COP26 held in Glasgow, UK, to promote Shinhan Financial’s ESG activities. COP26 is a gathering where over 30,000 experts, including heads of state from about 190 countries under the UN Framework Convention on Climate Change, discuss climate change issues and strengthen cooperation. This is the first time an Asian private financial institution representative has been invited to COP26.

Chairman Cho held a discussion on ‘Low-carbon transition in the financial sector’ with representatives from asset management firm BlackRock and Dutch pension fund manager APG. He introduced the Zero Carbon Drive, a carbon neutrality strategy first declared by East Asian finance, and explained Shinhan Financial’s methods for measuring carbon emissions in its asset portfolio and its reduction targets. He also expressed commitment to actively support industries with high carbon emissions such as power generation, steel, petrochemicals, and cement to accelerate the low-carbon transition.

Chairman Cho stated, "It is a great honor to attend as a representative of Korean finance at a gathering where global finance unites toward carbon neutrality. Going forward, I will further contemplate the role of finance in achieving carbon neutrality and do my best to serve as a catalyst for accelerating the low-carbon economy in each country."

During COP26, Chairman Cho also represented private financial institutions at the ‘Korea Pavilion,’ introducing financial strategies and activities related to achieving carbon neutrality by 2050 to stakeholders from various countries. At this event, he revealed plans to spread Shinhan Financial’s carbon neutrality strategy to countries in the New Southern region, such as Vietnam and Indonesia, where Shinhan Financial has expanded.

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