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Report on Human Rights

Declaration of Human Rights

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.

Declaration of Human Rights
Human rights of
employees
  • Shinhan Financial Group will not make any unfair discrimination based on school relations, regionalism, age, gender, race, religion, etc.
  • Shinhan Financial Group will make fair evaluation and compensation according to performances and give fair opportunities for self-development based on one’s capabilities and skills.
  • Shinhan Financial Group will continually improve the safe and pleasant working conditions to enhance the health of employees.
Human rights of
customers
  • Shinhan Financial Group will not provide differentiated financial services based on age, race, religion, political preferences, etc.
  • Shinhan Financial Group will not ask customers to provide excessive information and will take technological and physical measures to protect personal information.
  • Shinhan Financial Group will respect the demand and expectation of customers so that we develop and provide high-quality products and services that satisfy customers.
Human rights of
shareholders and
investors
  • Shinhan Financial Group maintains the accuracy and reliability of accounting materials to ensure the transparency of management.
  • Shinhan Financial Group will provide the necessary information to shareholders and investors fairly and at appropriate times in accordance with the relevant laws, regulations and internal regulations.
  • Shinhan Financial Group will respect the fair requests and suggestions of shareholders and investors to maintain mutually trusting relationships with them.
Human rights of
suppliers
  • Shinhan Financial Group will emphasize on the value that the group’s suppliers have as partners for coexistence.
  • Shinhan Financial Group will not force the purchasing of the group’s products or services when selecting the group’s suppliers.
  • Shinhan Financial Group will trade fairly at a mutually equal position instead of a supreme status.
Human rights of
local communities
  • Shinhan Financial Group will actively participate in social contribution activities as a member of society in recognition of the responsibilities for the development of local communities as a financial group.
  • Shinhan Financial Group will not make any unfair discrimination on the socially underprivileged people when providing financial products and services, employment opportunities and financial and economic education.
  • Shinhan Financial Group will consider the impacts of large projects that might cause environmental and social issues before making loan and investment decisions.
  • Shinhan Financial Group will strive to create a sound and transparent society by preventing transactions made under false names or bank accounts under borrowed name, illegal money laundering transactions, etc.

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.

Promise to Respect Human Rights

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.

Promise to Respect Human Rights
Labor Rights Protection
  • We provide a safer and more pleasant work environment to employees and prevent illegal labor practices such as forced labor, and child labor.
  • Observe working hours: We define working hours and overtime according to the standard stated in labor laws and regulations of the region where our place of business is located and provide overtime pay when employees work overtime exceeding the designated working hours.
  • Proper payment of wages: We provide wages higher than the minimum amount defined in the labor laws and regulations of the regions where our place of business is located.
  • Prohibition of discrimination: We do not discriminate based on school network, local network, age, gender, race, or religion in terms of personnel management related to employment, employment retention, evaluation and promotion, and payment of wages.
 EmployeesPartner companiesLocal communities
ESG Screening inInvestments
  • We restrict sales and investment activities including investment, loans, and savings for certain regions, industries, companies or individuals that have the possibility of forced labor or child labor.
  • We restrict sales and investment activities including investment, loans, and savings for certain regions, industries, companies or individuals that may violate human rights of indigenous people due to significant social and environmental impacts.
 EmployeesPartner companiesLocal communities
Access to
financial services
  • Provision of fair services: We do not provide discriminatory financial services based on gender, race, religion, or political preferences.
  • Information protection: We take technical measures required to prevent the violation of human rights caused by customer information leakage in advance and collect the minimum level of data to conduct sales activities.
  • Protection of financially disadvantaged groups: We provide additional information and guidance services for seniors, people with disabilities, and marginalized groups who are restricted in their usage and access to financial services.
 CustomersLocal communities

Human Rights Principles to Protect Stakeholder Interests

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’.

Declaration of Human Rights
Stakeholder Human rights principles for key stakeholders
Employees
  • We do not discriminate based on school network, local network, age, gender, race, or religion.
  • We fairly evaluate and compensate employees according to their performance, provide fair opportunities of self-development based on talents and capabilities.
  • We continue to provide a safer and more pleasant work environment to improve the health of all our employees.
Customers
  • We do not provide discriminatory financial services based on gender, race, religion, or political preferences.
  • We do not demand that our customers provide excessive information and take technical and physical measures to ensure privacy protection.
  • We respect the demands and expectation of customers and develop and provide the best products and services.
Shareholders and investors
  • We maintain the accuracy and reliability of accounting documents to ensure transparency in management.
  • We provide the information required for shareholders and investors fairly and in a timely manner in accordance with related laws and internal regulations.
  • We respect the reasonable demands and recommendations of shareholders and investors and maintain a mutually trusting relationship.
Partner companies
  • We highly regard the value of partner companies as a companion for coexistence.
  • We do not solicit to purchase products and services of the group in selecting its partner companies.
  • We conduct business in a mutually equal position rather than in a superior position.
Local communities
  • We are aware of our responsibility for the development of the local community and actively participate in social contribution activities as a member the local community.
  • We do not unfairly discriminate unfairly socially marginalized groups within local society when it comes to providing financial products and services, employment opportunities, and participating in financial education programs.
  • We determine our loans and investments for large-scale projects that can cause potential issues for local environment and society by considering their potential side effects.
Government institutions and relevant associations
  • We comply with the laws and regulations of a country where our sites are placed, strengthen internal control to achieve compliance management, fulfill the taxation obligation and liability for tax payment.
  • We prevent transactions with false or borrowed name accounts and illegal money laundering transactions to make a sound and transparent society.
  • We strictly comply with the Political Funds Act that prohibits the political donations of corporates or entities and do not provide political funds.

Human Rights Risk Management Process

Human Rights Risk Management Process
1

Define human
rights issues and
stakeholders
2

Identify major
human rights
issues
3

Establish plans
for mitigation and
resolution
4

Handle
grievances
5

Monitoring
6

External
disclosure

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

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