Woori Financial Group Replaces 4 of 7 Outside Directors at Annual General Meeting

Four Out of Five Outside Directors Recommended by Major Shareholders to Be Replaced

Woori Financial Group will replace 4 out of 7 outside directors at next month's shareholders' meeting to strengthen internal controls.

According to the financial sector on the 17th, Woori Financial plans to replace 4 of the 5 outside directors recommended by major shareholders at the shareholders' meeting to be held next month.

The Woori Financial board consists of a total of 8 members, including inside director Lim Jong-ryong, chairman of Woori Financial Group, and 7 outside directors. Among the 7 outside directors, 5 were each recommended by major shareholders such as Korea Investment & Securities, Eugene PE, Fubon Hyundai Life Insurance, Kiwoom Securities, and IMM PE. The outside directors to be replaced include outside director Jung Chan-hyung, whose term is expiring, and outside director Ji Seong-bae from IMM PE, which has been excluded from the major shareholders.

The reason Woori Financial is replacing outside directors is to strengthen internal controls. This follows internal control issues being pointed out, including undergoing a regular inspection by the Financial Supervisory Service due to improper loans related to former chairman Sohn Tae-seung.