JB Financial, Shareholder Nominations Open for Outside Director Candidates

JB Financial Group announced on the 23rd that it will accept recommendations for outside director candidates from shareholders with voting rights until January 3rd of next year.

JB Financial first introduced the 'Outside Director Candidate Shareholder Recommendation System' last year and received recommendations for outside director candidates from shareholders holding at least one share with voting rights for more than six months. Following last year, the company will provide shareholders with the opportunity to recommend outside director candidates under the same criteria this year. The company explained that this system operates under conditions more relaxed than the legally guaranteed qualifications for shareholder proposals, making it a shareholder-friendly system.

In response to the governance best practices announced by the Financial Supervisory Service last year, JB Financial has expanded the size of its board from nine to eleven members and is striving to establish an advanced governance structure by composing the board with directors possessing diverse expertise.

Outside director candidates must ▲ possess sufficient expertise or practical experience in related fields such as finance, economics, management, law, accounting and finance, consumer protection, or information technology; ▲ be able to perform their duties fairly for the benefit of all shareholders and financial consumers as outside directors; and ▲ meet the qualifications for outside directors as stipulated by laws related to the governance of financial companies.

Recommendations can be made through the recommendation form posted on the JB Financial website, and recommended candidates will be managed as outside director candidate pools through resolutions of the JB Financial Executive Candidate Recommendation Committee. Subsequently, after the committee narrows down and selects the final candidates, the final outside directors will be appointed at the regular shareholders' meeting at the end of March 2025.