After Shinhan Financial's AGM, 'Professor Yoon Jaewon of Hongik University' appointed as chairman at the board meeting
KB Financial also appoints Kwon Seonju, former IBK Industrial Bank CEO, as board chairman
4 major financial holding companies increase female outside directors to 10... female ratio at 31%
Yoon Jae-won, the new chairman of the board at Shinhan Financial Group (Professor at Hongik University Business School)
Following KB Financial Group, Shinhan Financial Group has also appointed a female chairperson to its board of directors. This year, female outside directors have notably entered the boards of the four major financial holding companies, with two female board chairs being named.
On the 26th, Shinhan Financial held an extraordinary board meeting after its regular shareholders' meeting at its headquarters in Jung-gu, Seoul, and appointed outside director Yoon Jae-won as the chairperson of the board for this year. Yoon is the second female chairperson in Shinhan Financial's history since 2010, and the second among the four major financial holding companies this year, following KB Financial.
Chairperson Yoon is an accounting expert who has served as a professor at Hongik University's College of Business, a non-standing member of the Accounting Standards Committee at the Korea Accounting Standards Board, and vice president of the Korean Tax Association. Since March 2020, she has been active as the chair of the Audit Committee at Shinhan Financial, and this year she has taken on the role of board chairperson.
Additionally, Shinhan Financial appointed Professor Kim Jo-seol of Osaka University of Commerce's Department of Economics and Professor Song Seong-ju of Korea University's Department of Statistics as outside directors. Professor Kim was reappointed, while Professor Song is a new appointee. As a result, the number of female outside directors at Shinhan Financial increased from two to three out of nine.
Earlier, KB Financial held a board meeting after its regular shareholders' meeting on the 22nd and appointed former IBK Industrial Bank of Korea President Kwon Seon-ju as the board chairperson. Chairperson Kwon holds the title of the first female bank president in Korea and currently serves as the president of the Korea chapter of the International Women Directors Association.
Since last year, KB Financial has appointed three outside directors, raising the proportion of female outside directors to 42%. Along with Chairperson Kwon, female outside directors include Professor Yeo Jeong-seong of Seoul National University and former KT Capital CEO Jo Hwa-jun.
Not only Shinhan Financial and KB Financial, but also Hana Financial and Woori Financial have doubled the proportion of women on their boards. Hana Financial newly appointed former Samsung SDS Vice President Yoon Sim following Professor Won Suk-yeon of Ewha Womans University as outside directors. Woori Financial also newly appointed Professor Lee Eun-joo of Seoul National University and Professor Park Sun-young of Dongguk University. Consequently, the total number of female outside directors among the boards of the four major financial holding companies increased from seven to ten, raising the proportion to 31%.
Jin Ok-dong, Chairman of Shinhan Financial, stated in his speech at the shareholders' meeting the day before, "This year, we stand with a more urgent determination than ever before under the proposition of 'sustainable growth,'" adding, "Shinhan Financial will vigorously move toward becoming a world-class Shinhan based on relentless innovation and challenges aimed at strengthening internal controls, customer-centric management, and enhancing shareholder value."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
