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Shinhan Financial GroupSouth Korea

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This profile is actively maintained
Last update: 2024-02-20 15:34:25
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: 2024-02-20 15:34:25
Bank info
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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 Okdong Jin
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

ESG Policy

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

Sustainability Policy Framework

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

Climate risk assessment physical risks

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

Human rights policy

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

Code of ethics

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

ESG investment policy

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

Credit assesssment ESG screening policy

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

Action principles towards climate change

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

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
Taskforce on Nature-related Financial Disclosures (TNFD)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

NZBA 2024 Progress Report

Other document
2024-10-01 00:00:00 | NZBA

Annual report 2023

Annual report
2024-05-13 00:00:00 | Shinhan Financial Group

CSR report 2022

Annual report
2023-07-11 00:00:00 | Shinhan Financial Group

Annual report 2022

Annual report
2023-06-13 00:00:00 | Shinhan Financial Group

ESG Policy

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

Annual report 2021

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

Sustainability Policy Framework

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

Annual report 2020

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

CSR Report 2020

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

Climate risk assessment physical risks

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

Guidance on Biodiversity Target Setting for PRB signatories

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

Commitment statement Net Zero Banking Alliance

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

Human rights policy

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

Code of ethics

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

ESG investment policy

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

Credit assesssment ESG screening policy

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

CSR report 2019

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

Annual report 2019

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

Action principles towards climate change

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

Environmental and social risk policy framework

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

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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
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.
Tracking the NZBA

Tracking the Net Zero Banking Alliance

Shinhan Financial Group is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

Tracking NZBA banks commitments