Expansion of Expertise in "Finance and Economics" and "Accounting, Management, and ESG"
▲KB Financial Group announced on the 19th that it has recommended Kim Sun-yeop, CEO of Lee Jung Accounting Corporation (left), and Cha Eun-young, Professor of Economics at Ewha Womans University (right), as new outside director candidates. Provided by KB Financial Group.
The Outside Director Candidate Recommendation Committee (ODCRC) of KB Financial Group announced on the 19th that it has recommended two new outside directors and four reappointed outside directors as candidates. The recommended candidates are scheduled to be officially appointed as outside directors of KB Financial Group following a resolution at the 2025 regular shareholders' meeting to be held next month.
The new outside director candidates with a two-year term include Professor Cha Eun-young of the Department of Economics at Ewha Womans University and Kim Sun-yeop, CEO of Lee Jung Accounting Corporation. The existing outside directors Jo Hwa-jun, Yeo Jeong-seong, Choi Jae-hong, and Kim Seong-yong were recommended as candidates for reappointment with a one-year term.
Cha Eun-young, recommended as a new outside director candidate, is a professor in the Department of Economics at Ewha Womans University and currently serves as the dean of the Graduate School of Policy Science and the College of Social Sciences. She is a leading economist in South Korea with both academic depth and practical policy capabilities. In addition to academic research, she has accumulated practical experience on the ground by serving as an outside director in various financial sectors, leveraging her broad knowledge and insight into financial markets. She has been actively involved for over 20 years in committees of major public institutions, including the National Economic Advisory Council. Notably, she has also served as a member of the Financial Development Review Committee of the Financial Services Commission and as an advisory member of the Financial Supervisory Service, significantly contributing to the restructuring of the financial industry and the efficiency of financial policies.
Kim Sun-yeop, the other candidate, is the CEO of Lee Jung Accounting Corporation and an accounting expert holding both Korean and U.S. Certified Public Accountant licenses, as well as a Ph.D. in Business Administration specializing in ESG. While working at Anjin Accounting Corporation, he successfully conducted consulting related to mergers and acquisitions (M&A), mid- to long-term strategy planning, and the introduction of International Financial Reporting Standards (IFRS) for major domestic financial companies, including banks, demonstrating a high level of understanding of financial institutions. He has also been recognized for his professional expertise through roles such as a member of the Public Institution Management Evaluation Committee at the Ministry of Economy and Finance. Currently, as the CEO of an accounting firm, he is praised for his management skills, leading both organizational expansion and solid internal management.
If these two candidates join the board, the board’s professional capabilities will be further enhanced, and the proportion of female outside directors will be maintained at 42%, ensuring diversity and a balanced board composition.
Both candidates were recommended through the strict outside director candidate recommendation process operated independently from management by the ODCRC. This system, regarded as a best practice in the financial sector, operates with a clear separation of responsibilities at each stage and ensures transparency and fairness throughout the candidate recommendation process.
Looking at the outside director candidate recommendation process, candidates are continuously recommended by shareholders and external search firms to create a long list. This list is then narrowed down to a short list of qualified candidates through evaluations by external appointment advisory members, followed by a verification stage through reputation checks. Subsequently, the ODCRC conducts thorough discussions and resolutions to recommend outside director candidates, who are finally appointed at the shareholders' meeting.
Additionally, the KB Financial Group board regularly evaluates its capabilities through analysis of the Board Skill Matrix. Based on this, when replenishing new outside directors, the board fully considers the expertise of outgoing directors and changes in the financial environment to enhance the collective coherence of the board composition as well as the board’s stability and continuity. Furthermore, the board plans to continuously strengthen its capabilities through customized outside director training programs provided by the Financial Supervisory Service and the Korea Institute of Finance, aiming to build a more trusted board and promote sustainable value-up.
A representative of the KB Financial Group ODCRC stated, "The addition of these two candidates, who possess diverse expertise and experience, will be a great asset for the board to proactively respond to the increasing uncertainties in the financial environment. We will continue to do our best to ensure that the KB Financial Group board prioritizes shareholders' rights and provides the best financial services to customers."
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