National Pension Service "Supports KB Financial Group's Appointment of Directors Yoon Jong-kyu and Heo In"

[Asia Economy Reporter Minji Lee] The National Pension Service's Stewardship Responsibility Committee announced on the 17th that, after reviewing the voting direction for the agenda items at the KB Financial Group's extraordinary general meeting of shareholders, it decided to support the appointment of Yoon Jong-kyu as an inside director and Heo In as an other non-executive director. However, it opposed the appointment of Yoon Soon-jin and Ryu Young-jae as outside directors.

The committee explained that regarding the appointment of Yoon Jong-kyu as an inside director and Heo In as an other non-executive director, although there are concerns about the KB Financial Group board's negligence in its supervisory duties over KB Securities, it decided to support the appointments considering that primary judgments by government agencies such as the Financial Services Commission have not yet been made. However, some committee members expressed dissenting opinions.

Regarding the appointment of Yoon Soon-jin and Ryu Young-jae as outside directors, the committee explained that it opposed the agenda items due to uncertainty about whether they would contribute to long-term shareholder value enhancement. Some members also expressed differing opinions on these agenda items.

The committee stated, "This review was conducted at the request of the Fund Management Headquarters to the Stewardship Responsibility Committee for a decision on the voting direction, in accordance with Article 17-3, Paragraph 5 of the National Pension Fund Management Guidelines."