KB Financial Group, Appointment of Labor Union-Nominated Outside Director Fails

Appointment of Kim Seong-yong, Yeo Jeong-seong, and Jo Hwa-jun as New Outside Directors

The appointment of an outside director candidate recommended by the KB Financial Group Labor Union Council was once again unsuccessful this year.

According to KB Financial, at the regular shareholders' meeting held on the morning of the 24th at the headquarters in Yeouido, Seoul, agenda item No. 9 (the appointment of outside director Lim Kyung-jong) was rejected. With this rejection, the union's recommendation for an outside director has been blocked for the sixth time. Previously, the union had submitted a shareholder proposal recommending Lim Kyung-jong, former representative of the Export-Import Bank of Indonesia Finance, as a candidate.

Agenda item No. 8, which included the provision that "anyone who has worked in the executive branch or similar positions for more than one year within the last five years is prohibited from being appointed as CEO for three years," was also rejected.

Meanwhile, at the shareholders' meeting, Professor Kim Sung-yong of Sungkyunkwan University School of Law, Professor Yeo Jeong-seong of Seoul National University Department of Consumer Science, and Cho Hwa-jun, full-time auditor of Mercedes-Benz Financial Services Korea, were newly appointed as outside directors. The reappointment of three existing outside directors?Kim Kyung-ho, Kwon Seon-ju, and Oh Kyu-taek?was also confirmed.