Female Executives Still in Single Digits at Top Five Financial Groups... No Targets Set and Reporting Errors Found

Average at 8%, Down 0.7%p from 2023
Shinhan Surpasses the 10% Mark
Overall Proportion of Women in Management on the Rise
NongHyup and IBK Do Not Set Targets for Female Talent

The proportion of female executives at the five major financial holding companies in South Korea remains in the single digits. Some holding companies have not set targets for female representation, while others have not updated their targets even after achieving them.

According to the 2024 sustainability management reports of the five major financial holding companies (KB, Shinhan, Hana, Woori, and NongHyup) and the Industrial Bank of Korea, the average proportion of female executives and management at the five major financial groups last year was 8% (simple calculation). This figure is lower than the previous year's average of 8.7%. Shinhan Financial Group had the highest proportion at 10.4%, followed by KB (8.8%), NongHyup (8%), Woori (7.7%), and Hana (5%). At Industrial Bank of Korea, there are three executives listed in the report (the bank president, executive director, and auditor), all of whom are men, resulting in a 0% female executive rate for the third consecutive year. Hana Financial Group recorded a female executive ratio of 5.3% in 2022 and 5.6% in 2023. NongHyup Financial Group maintained a ratio of 13% during the same period. Shinhan Financial Group became the first among the five major financial groups to surpass a 10% female executive ratio.

The proportion of women in overall management positions has generally increased. At KB Financial Group, the proportion of women in all management positions (from section chief to executive) has steadily risen, starting at 36.2% in 2022, 36.1% in 2023, and reaching 38% last year. The proportion of women in middle management (section chief and deputy general manager) increased by 0.9 percentage points from the previous year to 43.2%. In profit-generating departments (corporate finance business departments), the proportion of women in management rose by 4.8 percentage points to 20.4%. The proportion of women in STEM-related positions was 33.1% last year, up 0.7 percentage points from the previous year. Shinhan Financial Group also saw increases across all categories compared to the previous year: department heads (14.6%), sales departments (50.2%), and STEM (33.2%).

At Hana Financial Group, except for the proportion of women in non-management positions (assistant manager and staff), which fell from 69% to 67.3%, all other ratios increased compared to the previous year: middle management (general manager and team leader, 26.55%), lower management (deputy general manager and section chief, 51.2%), profit-generating departments (61.1%), and STEM (29.9%). At NongHyup Financial Group, the proportion of women in all management positions increased by 1 percentage point from 11% to 12%, while the proportion in middle management remained at 47% for the third consecutive year. In contrast, at Woori Financial Group, except for the proportion of women in positions from general manager to deputy general manager, which rose from 37.6% to 42.1%, all other ratios fell compared to the previous year: section chief (61.1% to 57.5%), sales departments (56.3% to 52.7%), and STEM (36.6% to 31.4%).

There were cases where companies did not set targets related to women or failed to update their reports even after achieving their targets. NongHyup Financial Group and Industrial Bank of Korea did not include targets for female talent in their reports. NongHyup Financial Group stated, "We do not set specific numerical or percentage targets, but we are continuously nurturing female executives through initiatives such as open recruitment for female branch managers."

Additionally, NongHyup Financial Group had incorrectly reported the proportion of female talent for two years, from 2022 to 2023, and corrected the figures this year. For example, the proportion of women in all management positions for 2022 and 2023 had been listed as 30% and 35%, respectively, in the 2023 report. However, the 2024 report revised these figures to 9% and 11%, which are 21 and 24 percentage points lower than the previous year's report, respectively. It was also different in that the figures were based on NongHyup Bank, not the entire holding company. NongHyup Financial Group explained, "Since the bank accounts for most of the workforce within the financial holding company, we determined that including other affiliates would not make a significant difference, so we only surveyed and reported the bank."

Hana Financial Group has continued to present the same targets (both 25%) for the proportion of women in profit-generating department management and STEM department positions for two years since 2023, even though these targets have already been achieved. The proportion of women in profit-generating departments was 61.1%, which is 36.1 percentage points higher than the target. The proportion of women in STEM departments was also 29.9%, 4.9 percentage points higher than the target. Hana Financial Group stated, "We are actively operating training programs for fostering female talent across all affiliates, and outstanding trainees are quickly able to achieve results by being assigned to relevant positions to apply their learning in practice. As a result, since the targets for the proportion of women in profit-generating and STEM departments have been achieved ahead of schedule, we are currently reviewing internal changes to the 2030 targets."