Corporate Governance | Realizing Sustainability Governance | Common Good | Shin Kong Life Sustainability

Realizing Sustainability Governance

Shin Kong Life understands that only by treating each other with sincerity and establishing a complete mechanism for corporate governance, risk management, and information security can it operate in a stable manner, provide protection for many families, and protect each and every policyholder in a solid manner.

Corporate Governance

Shin Kong Life is committed to the business philosophy of "stability and prudent", and continues to strengthen its corporate governance and safeguard the rights and interests of shareholders and stakeholders through such mechanisms as "strengthening the functions of the Board of Directors", "promoting ethical management", "strengthening the anti-money laundering mechanism", "improving the internal control system" and "implementing information disclosure".

Corporate Governance and Ethical Management

As the insurance industry is an industry that is highly supervised by the competent authorities, we attach great importance to the regulation and governance mechanism of the members of the Board of Directors. In 2024, the Board of Directors consisted of 15 directors (including 3 independent directors and 1 vacancy) who are responsible for the Company's operational policies, overseeing and managing the results of ESG initiatives at all levels, and safeguarding the rights and interests of all shareholders.

Organizational Chart of the Board of Directors

Average self-assessment of directors in 2024

4.4~5.0

In order to enhance the effectiveness of the operations of the Board of Directors, the Board of Directors' performance is evaluated annually. In 2024, the average score of each evaluation aspect of SKL's Board of Directors was between 4.7~4.9 points; the average score of each evaluation aspect of the performance evaluation of individual directors was between 4.4~5.0 points; and the average score of self-evaluation of the functional committee's performance was 4.8 points. All evaluation results were "excellent" (scores from 5 to 4.6 are considered "excellent", with the highest score being 5).

Strengthening the Competencies of the Board of Directors

The average training hours for directors is approximately

11

hours

In order to enhance the Board of Directors' knowledge in various aspects, courses like "Corporate Governance Lecture ‒ Corporate Sustainability", "Risk Management", "Ethical Corporate Management (Including Anticorruption), Principles of Treating Customers Fairly, and Trends of AML/CFL Supervision", and "Analysis of the Impacts of IFRS 17 Capital Supervision and IFRS Financial Reporting on the Life Insurance Industry" were conducted in 2024. The total number of training hours for directors was 155 hours, and the average training hours was about 11 hours. In particular, the completion rate of the "Corporate Governance Lecture ‒ Corporate Sustainability" for directors was 100%. Furthermore, content of the statement on the AML/CFT internal control system has been regularly reported to the Board of Directors. We also completed the promotion of ethical corporate management (including anti-corruption ) practices to all board members. For details, please see SKL's information disclosures website.

Overall KPIs for 2024

  • Including corporate sustainable operation performance, legal compliance, and digital financial services
  • Including financial and business aspects (such as: profitability, risk control, business quality / promotion)

SDGs