Woori Financial Group Recommends Four Outside Director Candidates... 'Renewal' Movement

Nomination Committee Recommends Lee Youngseop, Lee Kanghaeng, Kim Younghoon, and Kim Chunsoo
Five Directors' Terms Expire... Yoon Inseop Nominated for Reappointment

Woori Financial Group will replace 4 out of its 7 outside directors.

On the 28th, Woori Financial Group held a Nomination Committee meeting and recommended 4 new outside director candidates. The newly recommended outside director candidates are Lee Young-seop, professor at Seoul National University Graduate School of International Studies; Lee Kang-haeng, former vice chairman of Korea Investment Holdings; Kim Young-hoon, former CEO of Dowoo Technology; and Kim Chun-soo, former CEO of Eugene Corporation. Woori Financial Holdings aims to revamp its board by replacing a large number of outside directors, following last year’s internal control failures including improper loans involving former chairman Sohn Tae-seung’s relatives, as well as criticism from the Financial Supervisory Service that the board acted as a rubber stamp during the recent acquisitions of Tongyang and ABL Life.

Among the 7 outside directors, 4 out of 5 members except Park Sun-young and Lee Eun-joo, who were first appointed last year, will be replaced. Among the 5 whose terms have expired, only outside director Yoon In-seop was selected as a candidate for reappointment (renewal). A Nomination Committee official explained, "The reorganization of outside directors is a measure to strengthen the board and committees’ function of checking management and to effectively perform the role of the group’s internal control control tower."

Additionally, Woori Financial Holdings plans to establish an Ethics and Internal Control Committee and increase the number of members in the Risk Management Committee from 3 to 4. A Woori Financial Holdings official said, "In line with the overall trend of governance reform in the financial sector, we have reorganized the board and recommended 4 new outside directors," adding, "The newly formed board and Ethics and Internal Control Committee will play a key role in management stability and enhancing shareholder value based on strengthened internal controls."

The new outside director candidates will be finally appointed at the regular shareholders’ meeting on March 26. On the same day, the formation of various committees will be completed, marking the official establishment of new governance at Woori Financial.