CSR in Financial Sector
NH Nonghyup Bank has spent the largest amount of corporate social responsibility (CSR) expenditures in the banking industry for four years in a row, taking the lead in the sharing management.
According to the 2014 CSR Report of Banks released by the Korea Federation of Banks (KFB), NH Nonghyup Bank spent 99.1 billion won (US$85.5 million) for CSR activities last year, the highest figure in the banking industry. The bank has topped the list for four straight years from 2011, and its annual average of CSR costs from 2006 to last year exceeded 100 billion won (US$86.28 million).
By sector, NH Nonghyup Bank spent 56.7 billion won (US$48.92 million) in community and public service areas, 17.4 billion won (US$15.01 million) in scholarship and education, 8.6 billion won (US$7.42 million) in mecenat and sports, 900 million won (US$776,531) in environment, 100 million won (US$86,281) in global areas and 15.4 billion won (US$13.29 million) in small-loan finance.
Its employees’ volunteer services play a vital role in the bank’s sharing management. They have been actively participating in various community service activities, including support for the disadvantaged and talent donation.
NH Nonghyup Bank has volunteer groups in 157 cities and counties across the nation, and the groups involved in 3,561 community service activities, such as working at farming villages, and supporting rice and kimchi to people in need, last year alone. As for the accumulative records, its 60,000 employees participated in community services.