BANKS DODGY DEALS CAMPAIGNS
About BankTrack
20 years of BankTrack – Our history
Visit us
Organisation
Our team
Our board
Guiding principles
Team up with us
Jobs at BankTrack
Our annual reports
Funding and finances
BankTrack in the media
Our privacy policy
Donate
2023-11-20 00:00:00
West Cumbria Coal Mine: dodgy mine, dodgier financier
2023-11-08 00:00:00
Westpac takes two steps forward, one big step back
2023-09-18 00:00:00
New report and blog: Barclays' bond with Adani
2023-08-23 00:00:00
Decarbonization: steel not making the cut
2023-11-20 11:26:40
Danske Bank excludes financing for oil and gas upstream expansion
2023-09-19 16:11:58
Société Générale announces leading climate policy on gas
2023-09-15 17:34:10
The number of major banks refusing to support EACOP reaches 24
2023-07-31 14:30:01
Equator Principles recognise projects’ risk to climate for the first time
Connect
2023-10-10 00:00:00
Still bankrolling coal (for steel)
2023-09-18 00:00:00
Barclays' bond with Adani
2023-06-26 00:00:00
How should financiers align with the Global Biodiversity Framework? Five Key Principles
2023-04-13 00:00:00
Banking on Climate Chaos 2023
See all publications
Sections
Banks Dodgy Deals Campaigns
Our campaigns
Banks and Climate
Banks and Human Rights
Banks and Nature
Banks and Pandemics
Our projects
Tracking the NZBA
End Coal Finance
Banks and Putin's war in Ukraine
Banks and Steel
Tracking the Equator Principles
Tracking the PRBs
Find a Better Bank
Banks and the OECD Guidelines
Media
News Publications
Financial Exclusions Tracker Equator-Complaints.Org Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Donate Mailing list Facebook Twitter Login
Home › Banks ›
Bank
Shinhan Financial GroupSouth Korea

Active

This profile is actively maintained
Last update: 2023-03-14 13:29:01
Shinhan Financial Group's head office in Seoul. Photo: Kaniwari via Wikimedia Commons (CC BY SA 3.0)

Active

This profile is actively maintained
Last update: 2023-03-14 13:29:01
Bank info
BankTrack campaigns
All
About
Website http://www.shinhangroup.com/en/index.jsp
Headquarters
Shinhan Financial Group, Deakyung B/D, 120.2-Ga, Taepyung-ro, jung-Gu.
Seoul, 100-102
South Korea
CEO/chair Cho Yong-byoung
CEO
Supervisor
Financial Supervisory Service (South Korea)
Ownership
listed on Korea Exchange & NYSE

Shinhan Financial Group's shareholder structure can be accessed here.

Shinhan Financial Group (SFG), based in Seoul South-Korea, is principally engaged in the banking business. It is Korea's largest banking group by assets and profits. Shinhan Financial Group, established in 2001, operates its business through five segments: banking, securities brokerage, trust banking, and asset management to individuals, businesses, and other financial institutions. It holds 12 subsidiaries across the financial industry including bank, credit card, securities, insurance, asset management, lease and financial consulting services. In September 2020 Shinhan Bank, a subsidiary of SFG, adopted the Equator Principles.

Sustainability
Commitments
Policies
Voluntary standards

Shinhan Financial Group's most important sustainability commitments can be found at the website sections listed below.

Links

Environmental, Social and Governance
2022-11-08 00:00:00

ESG Policy

Date listed represents date as accessed on website
Bank policy
2022-11-08 00:00:00 | Shinhan Financial Group
2021-12-01 00:00:00

Sustainability Policy Framework

Bank policy
2021-12-01 00:00:00 | Shinhan Financial Group
2021-08-17 00:00:00

Climate risk assessment physical risks

Bank policy
2021-08-17 00:00:00 | Shinhan Financial Group
2020-11-19 00:00:00

Human rights policy

Date listed represents date as accessed on website
Bank policy
2020-11-19 00:00:00 | Shinhan Financial Group
2020-11-19 00:00:00

Code of ethics

Date listed represents date as accessed on website
Bank policy
2020-11-19 00:00:00 | Shinhan Financial Group
2020-09-11 00:00:00

ESG investment policy

Bank policy
2020-09-11 00:00:00 | Orange Life (SFG subsidiary)
2020-07-24 00:00:00

Credit assesssment ESG screening policy

Bank policy
2020-07-24 00:00:00 | Shinhan Bank (subsidiary SFG)
2019-12-19 00:00:00

Action principles towards climate change

Bank policy
2019-12-19 00:00:00 | Shinhan Financial Group
2018-05-10 00:00:00

Environmental and social risk policy framework

Bank policy
2018-05-10 00:00:00 | Shinhan Financial Group
Shinhan Financial Group has committed itself to the following voluntary standards:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Principles for Sustainable InsuranceTags: corporate social responsibility | United Nations
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
United Nations Global CompactTags: United Nations | human rights
Dodgy Deals

Shinhan Financial Group is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Shinhan Financial Group's link to these deals.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

210+ groups support urgent call to action
2021-09-23 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

New bank climate initiative fails to grasp urgent need to end finance for fossil fuels

Civil society statement on the launch of the Net-Zero Banking Alliance
2021-04-22 | Nijmegen | BankTrack, urgewald, Amazon Watch, Bank on our Future, Indigenous Environmental Network, Market Forces, Positive Money, Rainforest Action Network, Reclaim Finance, ShareAction, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Leading finance firms sign up to Mark Carney forum on low-carbon investment

2021-04-21 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Decisions loom for Woori, Shinhan executives over Lime fiasco

2021-03-18 | The Korea Herald
BankTrack news BankTrack blog Partner news Partner blog

Financial authorities concerned about group chairs' 'emperor-like power'

2020-10-19 | The Korea Times
BankTrack news BankTrack blog Partner news Partner blog

Shinhan Financial chief reappointed despite recruiting scandal

2020-03-26 | The Korea Herald
BankTrack news BankTrack blog Partner news Partner blog

Shinhan Investment CEO steps down over Lime scandal, derivatives misselling

2020-03-20 | The Korea Herald
Resources
Documents
Links
2022-11-08 00:00:00

ESG Policy

Date listed represents date as accessed on website
Bank policy
2022-11-08 00:00:00 | Shinhan Financial Group
2022-05-03 00:00:00

Annual report 2021

Annual report
2022-05-03 00:00:00 | Shinhan Financial Group
2021-12-01 00:00:00

Sustainability Policy Framework

Bank policy
2021-12-01 00:00:00 | Shinhan Financial Group
2021-11-08 00:00:00

Annual report 2020

Annual report
2021-11-08 00:00:00 | Shinhan Financial Group
2021-11-08 00:00:00

CSR Report 2020

Annual report
2021-11-08 00:00:00 | Shinhan Financial Group
2021-08-17 00:00:00

Climate risk assessment physical risks

Bank policy
2021-08-17 00:00:00 | Shinhan Financial Group
2021-06-24 00:00:00

Guidance on Biodiversity Target Setting for PRB signatories

Other document
2021-06-24 00:00:00 | UNEPFI
2021-04-21 00:00:00

Commitment statement Net Zero Banking Alliance

Other document
2021-04-21 00:00:00 | UNEP FI Principles for Responsible Banking
2020-11-19 00:00:00

Human rights policy

Date listed represents date as accessed on website
Bank policy
2020-11-19 00:00:00 | Shinhan Financial Group
2020-11-19 00:00:00

Code of ethics

Date listed represents date as accessed on website
Bank policy
2020-11-19 00:00:00 | Shinhan Financial Group
2020-09-11 00:00:00

ESG investment policy

Bank policy
2020-09-11 00:00:00 | Orange Life (SFG subsidiary)
2020-07-24 00:00:00

Credit assesssment ESG screening policy

Bank policy
2020-07-24 00:00:00 | Shinhan Bank (subsidiary SFG)
2020-07-01 00:00:00

CSR report 2019

Annual report
2020-07-01 00:00:00 | Shinhan Financial Group
2020-07-01 00:00:00

Annual report 2019

Annual report
2020-07-01 00:00:00 | Shinhan Financial Group
2019-12-19 00:00:00

Action principles towards climate change

Bank policy
2019-12-19 00:00:00 | Shinhan Financial Group
2018-05-10 00:00:00

Environmental and social risk policy framework

Bank policy
2018-05-10 00:00:00 | Shinhan Financial Group

Shinhan Financial Group CSR policies webpage
Accountability
Grievances

Shinhan Financial Group does not operate a complaints or grievances channel for individuals or communities that might have been affected by its finance.

Shinhan Financial Group is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

This page evaluates Shinhan Financial Group's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

A PHP Error was encountered

Severity: Warning

Message: Division by zero

Filename: bankprofile/response_tracking.php

Line Number: 200

Backtrace:

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/response_tracking.php
Line: 200
Function: _error_handler

File: /home/btwebhost/www/btci3/application/helpers/easy_helper.php
Line: 366
Function: view

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/main.php
Line: 270
Function: lv

File: /home/btwebhost/www/btci3/application/libraries/sections/Bankprofile.php
Line: 484
Function: view

File: /home/btwebhost/www/btci3/application/controllers/Main.php
Line: 333
Function: content

File: /home/btwebhost/www/btci3/index.php
Line: 321
Function: require_once

Average

A PHP Error was encountered

Severity: Warning

Message: Division by zero

Filename: bankprofile/response_tracking.php

Line Number: 209

Backtrace:

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/response_tracking.php
Line: 209
Function: _error_handler

File: /home/btwebhost/www/btci3/application/helpers/easy_helper.php
Line: 366
Function: view

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/main.php
Line: 270
Function: lv

File: /home/btwebhost/www/btci3/application/libraries/sections/Bankprofile.php
Line: 484
Function: view

File: /home/btwebhost/www/btci3/application/controllers/Main.php
Line: 333
Function: content

File: /home/btwebhost/www/btci3/index.php
Line: 321
Function: require_once

NAN%
NAN

A PHP Error was encountered

Severity: Warning

Message: Division by zero

Filename: bankprofile/response_tracking.php

Line Number: 217

Backtrace:

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/response_tracking.php
Line: 217
Function: _error_handler

File: /home/btwebhost/www/btci3/application/helpers/easy_helper.php
Line: 366
Function: view

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/main.php
Line: 270
Function: lv

File: /home/btwebhost/www/btci3/application/libraries/sections/Bankprofile.php
Line: 484
Function: view

File: /home/btwebhost/www/btci3/application/controllers/Main.php
Line: 333
Function: content

File: /home/btwebhost/www/btci3/index.php
Line: 321
Function: require_once

NAN

A PHP Error was encountered

Severity: Warning

Message: Division by zero

Filename: bankprofile/response_tracking.php

Line Number: 220

Backtrace:

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/response_tracking.php
Line: 220
Function: _error_handler

File: /home/btwebhost/www/btci3/application/helpers/easy_helper.php
Line: 366
Function: view

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/main.php
Line: 270
Function: lv

File: /home/btwebhost/www/btci3/application/libraries/sections/Bankprofile.php
Line: 484
Function: view

File: /home/btwebhost/www/btci3/application/controllers/Main.php
Line: 333
Function: content

File: /home/btwebhost/www/btci3/index.php
Line: 321
Function: require_once

NAN

A PHP Error was encountered

Severity: Warning

Message: Division by zero

Filename: bankprofile/response_tracking.php

Line Number: 223

Backtrace:

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/response_tracking.php
Line: 223
Function: _error_handler

File: /home/btwebhost/www/btci3/application/helpers/easy_helper.php
Line: 366
Function: view

File: /home/btwebhost/www/btci3/application/views/sections/bankprofile/main.php
Line: 270
Function: lv

File: /home/btwebhost/www/btci3/application/libraries/sections/Bankprofile.php
Line: 484
Function: view

File: /home/btwebhost/www/btci3/application/controllers/Main.php
Line: 333
Function: content

File: /home/btwebhost/www/btci3/index.php
Line: 321
Function: require_once

NAN
Banks and Climate

Banks and Climate

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Shinhan Financial Group's fossil fuel policy below.

Assessment of Shinhan Financial Group's coal policy in the Coal Policy Tool

Assessment of Shinhan Financial Group's policies in the Oil & Gas Policy Tracker
Banks and Human Rights

Banks and Human Rights

BankTrack assessed Shinhan Financial Group in its 2022 Human Rights Benchmark Asia, where it achieved 3.5 points out of 14 and was ranked as a follower. More information is detailed in the "Accountability" section of this profile.

The BankTrack Human Rights Benchmark

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
Shinhan Financial Group
KOR
3.5
Follower 3.5
0
South Korea
Score
Follower
3.5
Explanation

Shinhan Financial Group's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Follower, with a total score of 3.5 out of 14.

Policy: 1.5/3
Due dilligence: 0.5/5
Reporting: 0.5/3
Remedy: 1/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.
Send feedback on this profile
Sections
Banks Policies Dodgy Deals Campaigns
Our campaigns
Banks and Climate Banks and Human Rights Banks and Nature Banks and Pandemics
Our projects
Tracking the NZBA End Coal Finance Banks and Putin's war in Ukraine Banks and Steel Tracking the Equator Principles Tracking the PRBs Find a Better Bank Banks and the OECD Guidelines
Media
News Publications
Financial Exclusions Tracker Equator-Complaints.Org Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
BankTrack
About BankTrack 20 years of BankTrack – Our history Visit us Organisation Our team Our board Guiding principles Team up with us Jobs at BankTrack Our annual reports Funding and finances BankTrack in the media Our privacy policy Donate
Successes Contact BankTrack
Vismarkt 15
6511 VJ Nijmegen
The Netherlands
Contact@banktrack.org
Donate Mailing list Facebook Twitter
©2023 BankTrack
BankTrack is a registered charity in the Netherlands (ANBI) - RSIN 813874658
Find our privacy policy here

Stay up to date

Sign up now for all BankTrack's news


Make a comment

Your comment will be reviewed, before being posted