Kyobo Life Insurance Chairman Shin Chang-jae has won an international prize for humanistic management, becoming the first winner of the newly established award, the company said Thursday.

The International Council for Small Business, the world’s oldest and largest nonprofit organization devoted to small and medium enterprises, has selected the South Korean insurer chief as winner of its Humane Entrepreneurship Award.

The awards ceremony took place on the sidelines of the SME World Forum 2019, held at Grand Hyatt Macau on Thursday.

Shin was recognized for his contribution to sustainable corporate management that takes account of all stakeholders, according to officials.

In May last year, the Kyobo chief became the first Korean businessman to deliver a keynote speech at the ICSB forum held at the United Nations headquarters.

The latest award was established by ICSB in August to support the United Nations’ Sustainable Development Goals and promote entrepreneurship in the global community.

In 2016, the ICSB had proclaimed the slogan on humane entrepreneurship, claiming that the management paradigm should center upon the staff members and people, instead of the individual owner and machine equipment.

“Corporate management is about providing stakeholders value and creating a related ecosystem. Profits should be seen as a means to sustain management, not as the ultimate goal,” Shin said.

Shin is noted for his unique career, having turned from obstetrician and gynecologist at Seoul National University Hospital into an insurer executive operator.

Reflecting his humanistic principles, Kyobo Life was the first Korean insurer to join the UN Global Compact, a voluntary initiative based on CEO commitments to implement sustainability rules, in 2012. Also, since 2011, the company has been issuing a sustainable management report, seeking to expand communications with stakeholders.

By Bae Hyun-jung (tellme@heraldcorp.com)