Chairman Han Dong-woo of Shinhan Financial Group won the Gold Tower Medal from the National Productivity Center for his contribution to the reform of productivity activities in Korea for 2016.
Han started his career in the financial industry by entering the Korea Trust Bank in 1971 and took over as the chairman of Shinhan Financial Group in 2011, with 43 years of experience in the industry.
Han called for “Making the World Benefit from Banks” as his catch phrase when he arrived at the largest financial group in Korea, and set up a team in charge of promoting “Compassionate Finance” as the key for the group’s financial activities.
In the performance evaluation of employees, he incorporated customers’ earnings from dealings with the group and its affiliates “Compassionate Finance” has been highly accredited making a great contribution to boosting the sustainability of the group’s operation.
Shinhan Financial Group ranked 18th among the 100 business firms evaluated for efficiency, attended at the Davos Forum this year, and continues to be listed on the Dow Jones Sustainability Index.
Chairman Han Dong-woo is certain to have his second term as the chairman of Shinhan Financial Group (SFG), with the Chairman Candidate Recommendation Committee announcing their selection of the current chairman to continue as chairman on Dec. 11, the group said Dec. 12.
Shinhan Financial Group Chairman Han Dong-woo became the most-paid executive in the country’s financial sector in the first half of this year. He had been the most paid financial executive in the same period last year.
According to first-half reports of financial firms Wednesday, Han was paid 1.2 billion won ($1.09 million), including 366 million won in salary for his tenure for the first six months this year. The pay was about one fourth of what he earned in the same period last year, 4.1 billion won, which included 3.2 billion won in long-term performance pay for his work from 2011 to 2013.
Among financial group leaders, Hana Financial Group Chairman Kim Jung-tai was the second-biggest earner, with total compensation reaching 978 million won. That includes salary (341 million won) and performance incentives (637 million won). He was paid 872 million won in the same period a year ago.
KB Financial Group Chairman Yoon Jong-kyoo came in third with total compensation of 682 million won. He did not have to report his total pay last year because he earned less than 500 million won. In Korea, only executives who earn more than 500 million won are required to disclose their pay in a regulatory filing.
This year marks 55 years since the APO was founded in a very different world from today. The single greatest challenge still facing every member economy, regardless of its stage of economic development, is to raise the productivity of its workers.
The same challenge, in a different world, continues. Productivity has become more important, not less. We know that long-term economic development can only be sustained through higher productivity, and it remains fundamental to the prosperity of all member countries.
Individual member countries now face different, although not necessarily totally new, productivity challenges. An example is the issue of agricultural productivity in many developing APO economies.
Even though remarkable progress has been made, value addition to agrifood products stays low, with one-third lost due to inappropriate postharvest handling and consumption.
Proper postharvest handling and value addition can minimize food losses, increase product diversification, and enhance incomes, as well as create new job opportunities in rural areas.
What has the APO done to address this issue “Last year, we organized multicountry projects that promoted value addition and strengthened postharvest handling of agrifood products in member countries that have experience in tackling these issues, for example, the ROC, Japan, and ROK,” it said. “We introduced management tools and technologies including those resulting from the Green Revolution which helped many developing Asian countries to become food secure and avoid famines.”
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