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Shinhan Financial GroupSouth Korea
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Created on: 2020-11-17 13:42:24
Last update: 2022-03-24 00:00:00

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Shinhan Financial Group's head office in Seoul. Photo: Kaniwari via Wikimedia Commons (CC BY SA 3.0)

About Shinhan Financial Group

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.

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)
Annual reports Annual report 2020
CSR Report 2020
Ownership
listed on Korea Exchange & NYSE

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

Complaints and grievances

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

Related Dodgy Deals

Shinhan Financial Group has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

Dodgy Deals map

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Policy Assessments

Banks and Climate

Bank net zero commitments

BankLast update
Country
Target 2025
Target 2030
Net zero 2050
SBT
NZBA
CCCA
Details
Shinhan Financial Group
2021-04-21
KOR
-10000
South Korea
Profile
Target 2025
6.5
Target 2030
Net zero 2050
SBT
NZBA
CCCA
20210421
Last update: 2021-04-21
Explanation

Goal 2025/2030: Pledged to set a 2030 target (NZBA)

Goal 2050: Pledged to set a 2050 target  (NZBA)

References
2021-4-21

Net-Zero Banking Alliance (NZBA)

2021-4-21 | UNEP FI
Explanation

This table tracks the net zero pledges and commitments of banks. It shows whether banks have committed to net zero by 2050 and have set an interim emissions reduction goal for 2025 and/or 2030. It also notes banks that have not yet set targets but have pledged to do so in the future, including by joining the Collective Commitment to Climate Action or Net Zero Banking Alliance. Finally, it notes whether banks have (pledged to) set Science-Based Targets. More information and references can be found by expanding the 'details' section of each bank.

  • A blue check mark means the bank has set a target or joined the alliance. A check mark does not mean that the target set by the bank meets any particular standard, just that is has set a target. In case we have identified short comings in the target, for example when it only applies to lending and not underwriting), this is noted in the 'details' section.
  • An orange dash means a bank has pledged to set a target (for example, banks commit to set 2030 and 2050 targets when they join the NZBA), but have not yet actually done so.

Abbreviations:

CCCA = Collective Commitment to Climate Action
NZBA = Net Zero Banking Alliance
SBT = Science-Based Targets

For more details see this page.

Banks and Human Rights

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
Shinhan Financial Group
KOR
3.5
Laggard

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0
South Korea
Score
Laggard
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 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.

News

| |
Type:
Year:
blog
external news
our news

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
external news
our news

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
external news
our news

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
blog
external news
our news

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

2021-04-21 | The Guardian
blog
external news
our news

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
blog
external news
our news

Decisions loom for Woori, Shinhan executives over Lime fiasco

2021-03-18 | The Korea Herald
blog
external news
our news

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

2020-10-19 | The Korea Times
blog
external news
our news

Shinhan Financial chief reappointed despite recruiting scandal

2020-03-26 | The Korea Herald
blog
external news
our news

Shinhan Investment CEO steps down over Lime scandal, derivatives misselling

2020-03-20 | The Korea Herald

Documents

Type:
Year:
csr policies
2021-12-01 00:00:00

Sustainability Policy Framework

2021-12-01 00:00:00 | Shinhan Financial Group
annual reports
2021-11-08 00:00:00

Annual report 2020

2021-11-08 00:00:00 | Shinhan Financial Group
annual reports
2021-11-08 00:00:00

CSR Report 2020

2021-11-08 00:00:00 | Shinhan Financial Group
csr policies
2021-08-17 00:00:00

Climate risk assessment physical risks

2021-08-17 00:00:00 | Shinhan Financial Group
other documents
2021-06-24 00:00:00

Guidance on Biodiversity Target Setting for PRB signatories

2021-06-24 00:00:00 | UNEPFI
other documents
2021-04-21 00:00:00

Commitment statement Net Zero Banking Alliance

2021-04-21 00:00:00 | UNEP FI Principles for Responsible Banking
our publications
2021-03-24 00:00:00

Banking on Climate Chaos 2021

Fossil Fuel Finance Report
2021-03-24 00:00:00 | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
csr policies
2020-11-19 00:00:00

Human rights policy

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

Code of ethics

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

ESG investment policy

2020-09-11 00:00:00 | Orange Life (SFG subsidiary)
csr policies
2020-07-24 00:00:00

Credit assesssment ESG screening policy

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

CSR report 2019

2020-07-01 00:00:00 | Shinhan Financial Group
annual reports
2020-07-01 00:00:00

Annual report 2019

2020-07-01 00:00:00 | Shinhan Financial Group
csr policies
2019-12-19 00:00:00

Action principles towards climate change

2019-12-19 00:00:00 | Shinhan Financial Group
csr policies
2018-05-10 00:00:00

Environmental and social risk policy framework

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

Links

Shinhan Financial Group CSR policies webpage

http://www.shinhangroup.com/en/csm/2020/csm_polish.jsp

Policies

Voluntary standards

Shinhan Financial Group has committed itself to the following voluntary standards:
  • Carbon Disclosure Project
  • Equator Principles
  • Net-Zero Banking Alliance (NZBA)
  • Partnership for Carbon Accounting Financials (PCAF)
  • Principles for Responsible Banking (PRB)
  • Principles for Sustainable Insurance
  • Task Force on Climate-related Financial Disclosures
  • UNEP Finance Initiative
  • United Nations Global Compact

Investment policies

Shinhan Financial Group's webpage on corporate social responsibility can be accessed here.

Year:
csr policies
2021-12-01 00:00:00

Sustainability Policy Framework

2021-12-01 00:00:00 | Shinhan Financial Group
csr policies
2021-08-17 00:00:00

Climate risk assessment physical risks

2021-08-17 00:00:00 | Shinhan Financial Group
csr policies
2020-11-19 00:00:00

Human rights policy

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

Code of ethics

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

ESG investment policy

2020-09-11 00:00:00 | Orange Life (SFG subsidiary)
csr policies
2020-07-24 00:00:00

Credit assesssment ESG screening policy

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

Action principles towards climate change

2019-12-19 00:00:00 | Shinhan Financial Group
csr policies
2018-05-10 00:00:00

Environmental and social risk policy framework

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

Equator Principles

Implementation and reporting

Contact and complaints

Good moves

Year:
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