Kyobo chairman awarded for sustainability efforts
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.