BNK Financial Group Holds Shareholder Meeting to Discuss Corporate Governance Reform

Introduction of Public Shareholder Nomination Process for Outside Directors and More

BNK Financial Group's board of directors announced on January 15 that it held a shareholder meeting, where they discussed major shareholders' proposals for improving corporate governance and reached a consensus on future directions for reform.

According to BNK Financial Group, this meeting was organized in response to recent concerns raised by supervisory authorities regarding the group CEO succession process, as well as calls from major shareholders for enhanced independence and oversight functions of the board. The board aimed to respond proactively to these issues. The chairman and outside directors of the board attended the meeting in person, answered shareholders' questions, and engaged in open discussions about the direction of corporate governance reform.

In particular, the meeting focused on topics such as the official introduction of a shareholder-nominated outside director recommendation system (procedure) as proposed by major shareholders, efforts to ensure that a majority of outside directors are nominated by shareholders, the composition of the Executive Candidate Recommendation Committee entirely of outside directors, and the acceptance of outside director candidate recommendations via the company's website. The board stated that it shares the shareholders' views on the need for governance reform and will positively consider these suggestions.

With various reform measures expected to be proposed by the financial authorities' governance improvement task force, the board agreed to prioritize their adoption and work toward advancing BNK Financial Group's corporate governance to global standards.

BNK Financial Group plans to disclose the governance reform directions discussed at this meeting on its website. To ensure effective implementation, the company will accept outside director candidate recommendations via the website until January 30 and strengthen fairness in the selection process.

Outside director candidates recommended through the public process will undergo a review by the Executive Candidate Recommendation Committee, which will respect shareholders' intentions and assess candidates' expertise and independence. Final candidates will be nominated as agenda items for the official shareholders' meeting, and the process will be transparently disclosed.

A BNK Financial Group representative stated, "This shareholder meeting demonstrates the board's commitment to prioritizing shareholder value by engaging in multifaceted discussions on governance reform together with shareholders. In addition to today's discussions, we will take the lead in adopting the governance improvement task force's forthcoming proposals, making this the starting point for governance innovation."