Philanthropy thriving at Shinhan Bank foundation

Shinhan Bank’s efforts to widen its socially responsible activities have been fast increasing across environmental, educational and cultural fields.

Since it became the country’s first bank to file a Corporate Social Responsibilityreport -- or CSR report – in 2006, it has been pursuing diverse forms of philanthropic work such as offering scholarships for kids in need, launching forestry protection programs, preserving cultural historic assets and offering business classes for North Korean defectors and kids. 

“We’re committed to return our earnings to the society by reaching out to the community and to emerging markets across Asia. The Shinhan Bank volunteerteam allows us to work strategically whenever needs arise in the community,” a Shinhan official said.

Such diverse efforts stand out from recent research reports saying that practices of major Korean companies finds strong reporting on environmental issues but reveals a relatively poor understanding of social issues. 

The Emerging Markets Disclosure Project, a task force under the U.S.’ Social Investment Forum, in May found that some listed companies in the financial sectorstill do not publish CSR reports and that reporting on human rights is mostly ignored.

“Over the years, while we have found some Korean companies responsive to global investor concerns on sustainability issues including those we have engaged with directly, most avoid direct engagement with shareholders on these issues,“ said Lauren Compere, Managing Director, Boston Common Asset Managementand co-chair of the EMDP.

Among Korean firms who reported, environmental issues were covered in depth. At Shinhan, the effort is much larger especially with its long-term investment in education and cultural asset protection.