Shinhan Financial Group Creates Social Value of 4.8 Trillion KRW in 2022

First Domestic Financial Company to Utilize Developed Social Value Measurement Model

Shinhan Financial Group announced on the 13th that the social value created through its environmental, social, and governance (ESG) activities last year was measured to be a total of 4.8389 trillion KRW in monetary value. Shinhan Financial reported this at the ESG Strategy Committee, a subcommittee within the board of directors, held on the 10th.

According to Shinhan Financial, the pure social value excluding economic indirect contributions such as dividends and taxes amounted to 2.1498 trillion KRW, generated through a total of 328 ESG programs. This represents an increase of 253% and 175%, respectively, compared to 2019 when measurement began (93 programs, 780 billion KRW).

Social value refers to the quantification of non-financial ESG performance into monetary value for the efficient use and management of limited corporate resources. Since 2019, Shinhan Financial has been measuring social value by developing the Shinhan ESG Value Index in collaboration with Yonsei University’s ESG and Corporate Ethics Center, and continues to advance this system.

Shinhan Financial recently added a chapter on the ESG Value Index report to the '2022 ESG Report Special Report,' disclosing detailed information such as the trends in social value performance and management systems over the past four years. Jin Ok-dong, Chairman of Shinhan Financial Group, stated, "Meticulous measurement and analysis of social value will not only serve as a compass for ESG management but also help solve various social issues faced by society through corporate power." He added, "Shinhan Financial will do its best to achieve sustainable growth through the expansion of social value."

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