Woori Financial Group Recommends Ji Seong-bae and Yoon Soo-young as New Outside Director Candidates

Follow-up Procedures After Term Expiration of Four Existing Outside Directors
Outside Director Jeong Chan-hyeong Re-nominated

On the 2nd, Woori Financial Group held a Nomination Committee meeting and announced the recommendation of directors Ji Seong-bae and Yoon Soo-young as new outside director candidates.

Director Ji previously served as the chairman of the Korea Venture Capital Association and is currently the CEO of IMM Investment. Director Yoon has served as CEO of Kiwoom Asset Management and Vice President of Kiwoom Securities.

This recommendation is part of the process to appoint new outside directors as the terms of four out of seven current outside directors at Woori Financial expire in March. Among them, outside director Jung Chan-hyung was re-nominated, while the other outside directors No Seong-tae, Park Sang-yong, and Jang Dong-woo expressed their intention to resign. Since Hanwha Life, a former major shareholder, sold its shares and is no longer a major shareholder, no successor will be appointed for outside director No, who was recommended by Hanwha Life.

The new outside director candidates are expected to be finally appointed after approval at the regular shareholders' meeting on the 24th of next month. On the same day, the board of directors will convene to appoint the board chair and form internal committees, officially launching the new governance structure.

The Woori Financial Nomination Committee stated, “In line with the overall reform atmosphere in the financial sector, we recommended two new outside director candidates to bring bold changes to the board composition. Additionally, to strengthen the board’s internal control functions, we plan to expand the Audit Committee, an internal board committee, from three to four members.”