Shinhan Financial Group has decided on the ‘Compassionate Finance, Your Companion for the Future’ as the group’s mission, which has the meaning of “A Better World through the Power of Finance." Based on this, we will aim to achieve sustainable growth by maintaining relationships of partners for shared development with customers, Shinhan and society to create customer, Shinhan and social value. In order to continually maintain and develop relationships of shared development with customers and society, Shinhan Financial Group is respecting the basic rights of all stakeholders, including the group’s employees, customers and suppliers that do business with the group. We have enacted and operated the Shinhan Financial Group’s Code of Ethics and the Code of Conduct for Suppliers that contain the philosophy of respecting human rights in them. Shinhan Financial Group is respecting the human rights of all stakeholders in the group as shown below, doing our best to make sure there are no human rights’ violations.
Human rights of employees |
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Human rights of customers |
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Human rights of shareholders and investors |
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Human rights of suppliers |
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Human rights of local communities |
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Additionally, Shinhan Financial Group declares to do its best to support and comply with the basic principles for protecting and respecting human rights as stipulated in the United Nations Commission on Human Rights’ Universal Declaration of Human Rights and Guiding Principles on Business and Human Rights. Shinhan Financial Group will remove any factors of human rights violations that might occur in all areas, including selling financial products and providing financial services. If there is an occurrence of human rights violation, we will take the lead in implementing human rights friendly management by establishing prompt and efficient remedies.
Shinhan Financial Group declared that it shall support the basic principles of human rights protection and respect for human rights stated in the ‘Universal Declaration of Human Rights’ of the UN Human Rights Council and ‘Guiding Principles on Business and Human Rights’, and strive to comply with the above principles. Also, we promote mutually growing relationships through fair transactions with business partners including suppliers and service providers and conduct business with them in a mutually equal position. Specifically, we are making efforts to eliminate factors violating human rights that may occur in all areas of our businesses including financial product sales, provision of financial services, and others, and to seek for remedies immediately and efficiently if such case takes place. By doing so, we are leading the effort for the management in favor of human rights. Our promise to respect human rights is also applied to our subsidiaries, associated companies and limited partnership company, and business partners in contractual relationship.
Labor Rights Protection |
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EmployeesPartner companiesLocal communities |
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ESG Screening inInvestments |
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EmployeesPartner companiesLocal communities |
Access to financial services |
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CustomersLocal communities |
Respecting for human rights of all stakeholders provides a background for Shinhan Financial Group to achieve its mission ‘Compassionate Finance, Your Companion for the Future’, and for employees, customers and all members of society to prosper and grow together. The human rights principles of Shinhan Financial Group represent our belief that all people deserve to enjoy their basic rights and freedom and we will strive to keep that faith. As one of the most influential companies supporting the growth of local communities and a financial service provider, and partners of our suppliers, Shinhan Financial Group complies with all employment and labor related laws and regulations of the regions where our sites are located and supports the basic principles for protection and respect for human rights stated in the ‘Universal Declaration of Human Rights’ of the UN Human Rights Council and ‘Guiding Principles on Business and Human Rights’.
Stakeholder | Human rights principles for key stakeholders |
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Employees |
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Customers |
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Shareholders and investors |
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Partner companies |
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Local communities |
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Government institutions and relevant associations |
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1
Define human |
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Identify major |
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Establish plans |
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Handle |
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Monitoring |
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External |
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Identify major stakeholders in management activities and within the supply chain Identify areas where human rights risks occur and potential human rights issues |
Conduct human rights impact assessments Identify material issues |
Establish plans for mitigation and resolution Establish improvement goals |
Operate grievance-handling channels |
Implement mitigation and resolution plans Review potential issues |
Report results and review the assessment process |
Identify the latest human rights issues and risks Identify major human rights-related stakeholders by reviewing the financial process¹ |
Review the priority of human rights impacts and identify vulnerable groups through stakeholder participation |
Review and share human rights impact assessment results Establish mitigation plans for core human rights issues |
Operate a grievance-handling system by stakeholder and conduct interviews |
Protect customer-facing employees Monitor human rights issues Provide training on human rights protection |
Report to the ESG Strategy Committee Disclose outcomes through the ESG Report and Human Rights Report |
¹ Deposits, loans, insurance, and investments |