President Jin Ok-dong of Shinhan Bank. (Photos: Shinhan Bank)

Shinhan Bank announced on Aug. 12 that it declared “Shinhan ESG Building” to create a culture of practicing business based on environmental, social and corporate governance in daily lives.

The Shinhan ESG Building Campaign aims to make all business sites places where executives and employees practice ESG movements in their daily lives, based on their understanding of environment and social responsibility.

Through this declaration, Shinhan Bank plans to support executives and employees in various ways so that they can continue to practice ESG naturally and easily.

First, Shinhan Bank will strengthen the protection of the environment by replacing lunch box containers at cafeterias with eco-friendly products, and will gradually expand the use of eco-friendly building materials in the building by 30 percent at its headquarters building.

At the same time, the bank will exclude environmentally harmful products by replacing free gifts provided to customers at bank branches with eco-friendly ones, such as eco-friendly shopping bags and air purifying plants.

Shinhan Bank also plans to expand voluntary participation by sharing ESG Practice Guide, which informs its readers of ESG activities that can be easily practiced in daily life among employees.

The ESG activities include pulling out plugs for electrical appliances that are not often used, using personal handkerchiefs instead of paper towels, reducing the use of disposable items and donating clothes and home appliances not in use anymore, among others.

Shinhan Bank will carry out various ESG-related activities to implement an ‘ESG movement.’ Its employees will pledge to make efforts to reduce greenhouse gas emissions by following instructions given by the Ministry of Environment.

It is also considering spearheading a flogging relay campaign to pick up trash while jogging and a recycling campaign to produce eco-friendly bags through used old placards with social enterprises.

In addition, Shinhan Bank will continue to discover and spread ESG activities that are fresh and highly practicable by holding an ESG practice case and idea contest.

It plans to run a community of ESG practice to help employees present their ESG ideas and strengthen their ESG capabilities.

“Recently, ESG management has become a measure of corporate value,” a Shinhan Bank official said.

“Therefore, ESG management has become an essential matter in corporate management. I think the most important thing in ESG management is a culture of practicing. Starting with our declaration of ESG Building, we, employees of Shinhan Bank, will lead ESG management.” a Shinhan Bank official said.

On Aug. 12, employees of Shinhan Bank’s headquarters in Seoul participate in the declaration of “Shinhan ESG Building” with an eco-friendly shopping bag, an air purifying plant and a tumbler.

In a related development, Shinhan Bank announced on Aug. 10 that it will implement the third part of the Companion Project to give Korean language education and psychological and emotional treatments to children of multicultural families, so that they will be able to adapt to society and grow healthily.

The Companion Project is Shinhan Bank’s major social contribution project which contains Shinhan Bank President Jin Ok-dong’s business philosophy of finding and supporting marginalized people over a long period of time.

Shinhan Bank will donate a total of 300 million won to 600 children of multicultural families in Ansan for three years.

This is the third project to support multicultural families in Korea following the donation of vehicles and fuel expenses to children’s welfare centers across the country in May and lunch boxes to children who could afford to buy lunch boxes in July.

Shinhan Bank decided to support long-term, step-by-step Korean language education programs for children of multicultural families through in-depth consultations with multicultural families.

Shinhan Bank also supports a customized counseling therapy program for when they suffer emotional instability or have a difficulty in adapting to society.

“Multicultural families need a lot of attention and support as members of Korean society,” said Jin Ok-dong, president of the bank.

“I hope that the Korean language education, psychology and emotional treatment programs will help children of multicultural families grow and adapt to Korean society better.”