IBK, Holds First Meeting After Completing Formation of Reform Committee

Three External Experts Included
Introduction of Internal Whistleblowing System

On the 1st, IBK Industrial Bank of Korea announced that it had completed the formation of the Renewal Committee the previous day and held its first meeting on the same day to begin discussions on the direction of renewal.

The Renewal Committee consists of three external experts including the chairperson, as well as the bank’s Compliance Officer and the Deputy General Manager in charge of Management Strategy as internal members. Professor Jeong Soon-seop of Seoul National University School of Law has been appointed as the chairperson. Lawyer Song Chang-young and Professor Kim Woo-jin of Seoul National University have been confirmed as external members.

On the 28th of last month, IBK Industrial Bank of Korea introduced a system to receive insider reports through external channels to activate the internal whistleblowing system and prevent financial accidents. With this system, employees can access external channels via the social compliance platform ‘K-Whistle’ website or QR code and report internal misconduct to the Compliance Support Department without concerns about personal information leakage. The Compliance Support Department can also notify anonymous reporters of the processing results through this channel.

The bank has improved the internal whistleblowing system to allow not only current employees but also former employees and outsiders to report illegal or unfair acts. It plans to strengthen protection for whistleblowers by fundamentally blocking any disadvantages they may face, enabling free internal and external reporting.

An IBK Industrial Bank of Korea official stated, “The Renewal Committee will not be a one-time effort. To ensure swift and continuous implementation of renewal plans, we will hold Renewal Committee meetings regularly and do our best to establish the renewal measures early.”