Two Outside Directors Recommended by Eollinja Join JB Financial Board of Directors

Align Partners Asset Management, the second largest shareholder of JB Financial Group, successfully placed two outside director candidates on the JB Financial board through a shareholder proposal.

JB Financial Group announced on the 28th that Kim Ki-seok, Lee Hee-seung, Lee Myung-sang, and Kim Woo-jin were appointed as outside directors at the regular shareholders' meeting held at the headquarters in Jeonju, Jeonbuk. Kim Ji-seop was reappointed as a non-executive director. Kim Ki-seok and Lee Hee-seung were candidates recommended by Align Partners. This marks the first time that activist fund-recommended individuals have been appointed as outside directors of a financial holding company.

For outside directors who serve as audit committee members elected separately, Lee Sung-yeop, Yoo Kwan-woo, Lee Sang-bok, and Park Jong-il were appointed. The proposal to increase the number of non-executive directors was rejected. Additionally, the approval of the financial statements and consolidated financial statements was passed as originally proposed. A cash dividend of 735 KRW per share was also approved.

JB Financial recommended non-executive director candidate Kim Ji-seop, who is vice president of Samyang Holdings, along with candidates Jung Jae-sik, Kim Woo-jin, Yoo Kwan-woo, Lee Sang-bok, Park Jong-il, and Lee Sung-yeop through the board. The third largest shareholder, OK Savings Bank, recommended candidate Lee Myung-sang, and Align Partners recommended candidate Lee Hee-seung.

On the other hand, Align Partners recommended non-executive director candidate Lee Nam-woo and candidates Kim Ki-seok, Baek Joon-seung, and Kim Dong-hwan, citing the need for additional appointments to ensure board balance and independence. They also proposed an agenda to increase the number of non-executive directors.

A JB Financial Group official stated, “We respect the judgment of shareholders who have trusted and supported our long-term shareholder value enhancement strategy,” adding, “Going forward, JB Financial Group will continue to listen carefully to all shareholders’ opinions and strive to establish itself as a small but strong 'Gangso Financial Group' in line with changes in the financial market.”