Reviewing the Annual Reports on Corporate Governance of Each Company
Last year, CEOs of major financial holding companies received annual salaries in the range of 1 billion KRW. Additionally, the average compensation of employees at the five major commercial banks and KakaoBank also exceeded 100 million KRW.
According to the annual reports on governance and compensation systems disclosed on the 8th by major financial holding companies and banks, KB Financial Group Chairman Yoon Jong-kyu received a total compensation of 1.84 billion KRW last year (including 930 million KRW in performance bonuses). This amount increased by 110 million KRW compared to the previous year (1.73 billion KRW).
Following Chairman Yoon, Han Young-joo, Chairman of Hana Financial Group, received 1.53 billion KRW (including 710 million KRW in performance bonuses), and Cho Yong-byeong, Chairman of Shinhan Financial Group, received 900 million KRW in salary, ranking next. In Chairman Cho’s case, his total compensation was relatively lower as he did not receive the withheld performance bonus after being lightly disciplined by financial authorities in connection with the Lime incident.
For Woori Financial Group, the report described total salaries separately for executives and employees. Therefore, the total compensation of Woori Financial Group Chairman Sohn Tae-seung is expected to be confirmed through future disclosures.
Besides the CEOs, the average compensation of employees at the five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) and KakaoBank also exceeded 100 million KRW. KB Kookmin Bank employees received a total compensation of 1.9142 trillion KRW, averaging 113 million KRW. This represents a 1.8% increase compared to the previous year (111 million KRW).
The total compensation of Woori Bank employees was 1.4509 trillion KRW, with an average of 104 million KRW. The average compensation of Woori Bank employees surpassed 100 million KRW, increasing by 6.1% from the previous year (98 million KRW). Shinhan Bank and Hana Bank plan to disclose their total compensation later, but since they recorded 106.2 million KRW and 106 million KRW respectively in 2021, it is highly likely that their averages exceed 100 million KRW.
The average compensation of employees at the internet-only bank KakaoBank was calculated at 146 million KRW; however, excluding gains from stock option exercises (54.2 billion KRW), it was about 107 million KRW. Last year, KakaoBank’s average compensation was 150 million KRW, but excluding gains from stock option exercises, it was approximately 95.6 million KRW.
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