Ayman El Tarabishy, the President & CEO of the ICSB, said during the award ceremony.“The journey to ethical management is never ending,” Shin said upon receiving the award.“I strongly believe the pursuit of active ethical management to benefit every stakeholder, not passive ethical management focusing merely to maintain law and order, will lead to a company’s greater success.” The chairman of Kyobo Life Insurance received the award about a year after he was honored as the 2023 Insurance Hall of Fame laureate early last year.
MORE THAN TWO DECADES OF ETHICAL MANAGEMENTSince Shin took the helm of Kyobo Life Insurance in 2000 after the death of his father and Kyobo’s founder Shin Yong-ho, he has been preaching the importance of practicing ethical management with a focus on “human-centered stakeholder relationship management.”The founder’s eldest son was an established obstetrician and a medical professor at the country’s top Seoul National University for nearly a decade before joining his family-owned business as the new leader.
The Kyobo chief last year confessed that ethical management is a very lonely and arduous journey but has no intention of backing down from commitment to staying truthful and candid to all stakeholders of the company.“Overstating earnings for the sake of short-term profits is no different than cheating stakeholders,” said Shin.“I can’t lie as a person who knows the insurance business better than anyone after 20 years of running an insurance company.”By Hyeong-Gyo Seoseogyo@hankyung.comSookyung Seo edited this article.
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