CEO Appointment Process Changed from Board Resolution to Shareholders' Meeting Resolution
Outside Directors Nominated from Consumer Protection Groups and AX Experts
Proactive Response to Governance Reforms Led by Financial Authorities
Woori Financial Group has decided to elevate the criteria for appointing its CEO from a resolution by the board of directors to a resolution by the general shareholders' meeting. Additionally, in cases where the CEO seeks a third consecutive term, the decision will require a special resolution by the general shareholders' meeting, rather than a simple majority. This is the first time a major financial holding company in Korea has raised the standards for extending the tenure of its chairman. With financial authorities increasing pressure to improve governance structures at financial holding companies, Woori Financial Group’s move is seen as a proactive response before clear guidelines are issued.
On this day, Woori Financial Group held a meeting of the Executive Recommendation Committee within its board of directors and finalized amendments to its articles of incorporation regarding the appointment of the CEO and the process for a third consecutive term, aimed at strengthening shareholder control. According to Woori Financial Group, this preemptive move to enhance shareholder oversight is in response to recent discussions on governance reform and rising social demands for greater transparency in the CEO appointment process. A Woori Financial Group representative stated, "Going forward, as soon as the 'Governance Advancement Task Force' led by the financial authorities establishes improvement measures, we will faithfully reflect the relevant content in our systems and regulations."
In line with the government and the financial sector’s current policy, the new board of directors includes recommendations for individuals from financial consumer protection organizations and experts in artificial intelligence transformation (AX). At the meeting, the Executive Recommendation Committee decided to reappoint Yoon Inseop, one of the three outside directors whose terms expire next month, and nominated Jung Yonggeon, CEO of the Financial Watch Center, and Ryu Jeonghye, Co-Chair of the AI Future Forum, as new candidates for outside director.
Candidate Jung, as the head of the Financial Watch Center-a financial consumer protection organization-has accumulated diverse experience in financial market oversight, prevention of mis-selling, and support for financially vulnerable groups. He is also recognized as an expert in the overall system of internal control and consumer protection at financial companies, having served as a trustee of the National Pension Fund Management Committee and as a member of the Pension Reform Special Committee, thus building extensive experience in financial system operations.
Candidate Ryu is an expert in the field of artificial intelligence, currently serving as a member of the Presidential National Artificial Intelligence Strategy Committee and as Co-Chair of the AI Future Forum of the Citizens' Coalition for Realizing a Rightful Scientific and Technological Society (Gwasilyeon). She has led AI and data-driven service initiatives at major digital platform companies such as Naver, NHN, and Kakao, and has been actively involved in shaping the AI industry ecosystem and policy discussions.
If their appointments are confirmed through the regular general shareholders' meeting on March 23, Woori Financial Group’s outside board will comprise a total of seven directors: four recommended by the oligopoly shareholders-Yoon Inseop, Kim Chunsu, Kim Younghoon, and Lee Kanghaeng-along with Lee Youngseop, Jung Yonggeon, and Ryu Jeonghye.
Chairman Lee Kanghaeng explained the rationale behind the new outside director nominations, saying, "We agreed that, for the sustainable growth of the group, it was necessary to include experts in financial consumer protection and AX on the board. By bringing in outside directors with expertise in these fields, we aim to enhance the diversity of the board’s composition, strengthen our future response capabilities, and expand the social role of finance."
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