Shinhan Life Selected as 'Best Governance Company' by Korea ESG Standards Institute

Shinhan Life announced on the 2nd that it was selected as the "Best Governance Company" at the 2022 Korea ESG Standards Institute (KCGS) Excellent Company Awards hosted by the Korea ESG Standards Institute.

[Asia Economy Reporter Changhwan Lee] Shinhan Life announced on the 2nd that it was selected as the 'Best Governance Company' at the 2022 Korea ESG Standards Institute (KCGS) Excellent Company Awards hosted by the Korea ESG Standards Institute (KCGS).

KCGS is a leading ESG (Environmental, Social, Governance) evaluation organization in Korea that assesses companies' sustainability management levels and holds an annual awards ceremony for outstanding companies.

This year, ESG evaluations were conducted for 974 listed companies, and governance evaluations were carried out for 58 unlisted financial companies.

At this awards ceremony, Shinhan Life was recognized for effectively inducing a sustainable management system through a highly professional board of directors and harmony with its holding company.

In particular, efforts to advance governance were reflected, including △establishing an ESG management system centered on the board of directors and managing and supervising ESG management activities △establishing a culture of open discussion based on the expertise and independence of outside directors △building a balance of independence and harmony among group companies through appropriate role distribution between the holding company and subsidiary boards of directors.

Earlier this year, Shinhan Life established an ESG Committee within the board of directors to create a system for sustainable management, including governance, management strategy, and risk management.

Last July, the company formed a dedicated ESG organization and strengthened the operational system for generating tangible results by operating a working council composed of 12 departments, including general affairs, products, risk, and investment.

Jung Bonghyun, Vice President of Shinhan Life, said, "As a life insurance company that provides long-term products based on trust with customers, external evaluations that we have a stable governance culture and system are even more meaningful," adding, "We will continue to make steady efforts to further solidify the ESG management system and become a company that practices sustainable management."