Ky­obo chair­man awarded for sus­tain­abil­ity ef­forts

The Korea Times - - FINANCE - By Kim Bo-eun [email protected]­re­

Ky­obo Life In­sur­ance Chair­man Shin Chang-jae was rec­og­nized Fri­day for the ef­forts he has made to­ward achiev­ing sus­tain­able man­age­ment.

Shin re­ceived the “Best CEO of the Year” award at the 2019 Korean Sus­tain­abil­ity Con­fer­ence held at the Lotte Ho­tel in cen­tral Seoul.

The in­sur­ance firm has topped the Korea Sus­tain­abil­ity In­dex (KSI) in its divi­sion for 10 con­sec­u­tive years.

The KSI is based on ISO 26000, an in­ter­na­tional stan­dard for how busi­nesses and or­ga­ni­za­tions op­er­ate in a so­cially re­spon­si­ble way. The KSI eval­u­ates how well com­pa­nies are car­ry­ing out so­cial re­spon­si­bil­ity and con­duct­ing sus­tain­abil­ity ef­forts.

Ky­obo was ac­knowl­edged for Shin’s ef­forts to rep­re­sent the in­ter­ests of cus­tomers, em­ploy­ees and in­vestors in man­ag­ing the com­pany.

The in­surer is also known for its board-cen­tered man­age­ment — two thirds of its mem­bers are out­side di­rec­tors, a means to en­hance trans­parency in man­age­ment.

In 2010, Ky­obo be­came the first lo­cal in­surer to join the United Na­tions Global Com­pact, an ini­tia­tive based on CEO com­mit­ments to im­ple­ment univer­sal sus­tain­abil­ity prin­ci­ples and to take steps to sup­port UN goals.

Shin de­liv­ered a key­note speech on sus­tain­able man­age­ment at the In­ter­na­tional Coun­cil for Small Busi­nesses at the UN head­quar­ters in New York last year.

In 2011, Ky­obo be­came the first life in­surer to is­sue a sus­tain­able man­age­ment re­port, which it now pub­lishes an­nu­ally.

In 2016, Ky­obo re­ceived a trans­par­ent man­age­ment award from five lo­cal busi­ness or­ga­ni­za­tions.

The in­surer also be­came the first in the in­dus­try to re­ceive a cus­tomer-cen­tered man­age­ment cer­ti­fi­ca­tion for seven con­sec­u­tive years.

Shin has led the growth of Ky­obo for the past two decades. He was a med­i­cal school pro­fes­sor be­fore as­sum­ing man­age­ment of Ky­obo.

Cour­tesy of Ky­obo Life In­sur­ance

Ky­obo Life In­sur­ance Chair­man Shin Chang-jae, left, poses with Korean Stan­dards As­so­ci­a­tion CEO Lee Sang-jin af­ter re­ceiv­ing the “Best CEO of the Year” award at the Korean Sus­tain­abil­ity Con­fer­ence 2019, held at the Lotte Ho­tel in cen­tral Seoul, Fri­day.

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