Number of Female Independent Directors Remains at Four
Shinhan Financial Group has recommended Park Jongbok, former CEO of Standard Chartered First Bank Korea, and Seungyeon Lim, Professor and Dean of the School of Business Administration at Kookmin University, as new independent directors.
On March 3, the Shinhan Financial Group Board of Directors announced that its Nomination Committee for Independent Directors and Audit Committee Members had held a meeting and recommended these individuals as new candidates for independent director positions.
Park Jongbok, former CEO of Standard Chartered First Bank Korea, recommended as the new outside director of Shinhan Financial Group. Photo by Shinhan Financial Group
Candidate Park is regarded as one of the longest-serving CEOs in the Korean banking sector, having led Standard Chartered First Bank Korea from 2015 until last year. The Shinhan Financial Group Board of Directors explained the reason for his nomination, stating, “He is a financial expert who led growth and improved profitability during his decade-long tenure as CEO of Standard Chartered First Bank Korea, and who has successfully driven new businesses such as digital innovation. Based on his retail and private banking field experience, he is well-suited to contribute to customer-centric management.”
The board added, “With his experience in the governance structure of a global financial group, he can provide practical advice in line with global standards to the board. His deep understanding and expertise in the banking industry as a whole are expected to offer valuable insights into the company's strategic initiatives.”
The board expects that, in addition to director Youngkwon Choi, who has expertise in capital markets, the inclusion of candidate Park will enable the board to provide balanced advice that covers both banking and capital markets.
Professor Seungyeon Lim of Kookmin University, newly recommended as an outside director of Shinhan Financial Group. Photo by Shinhan Financial Group
Candidate Lim is a U.S. Certified Public Accountant and currently serves as Dean of the School of Business Administration at Kookmin University, with expertise in finance and accounting. The board explained its nomination, saying, “She is a candidate with academic achievements in the field of accounting and a deep understanding of corporate governance, gained through her experience as an independent director and audit committee member at other companies. With the expiration of the term of director Jaewon Yoon, who was a finance and accounting expert, we have newly recommended a female accounting expert to maintain diversity and expertise in this field.” The board further stated, “At a time when the board’s role in internal controls and audits is becoming increasingly important, she is expected to provide advice on internal controls and fulfill monitoring and oversight functions, based on her deep understanding and experience with financial company audit processes.”
Director Jaewon Yoon, whose term expires by law, and Director Yongguk Lee, who has expressed his intention to resign, will step down following the regular general shareholders’ meeting to be held this month. The board has recommended the reappointment of five independent directors: Sugkeun Kwak, Professor Emeritus at Seoul National University’s College of Business Administration; Joosuk Paik, Professor at Osaka University of Commerce’s Department of Economics; Hoon Bae, Attorney at Orbis Law Firm; Sungjoo Song, Professor at Korea University’s Department of Statistics; and Youngkwon Choi, former CEO of Woori Asset Management.
Shinhan Financial Group explained that this recommendation for the appointment of independent directors was made in accordance with its “Board Succession Principles,” which were adopted last December in response to financial authorities’ recommendations. The goal is to maintain a balanced tenure among directors by replacing approximately 20% of independent directors each year. Additionally, in line with amendments to the Commercial Act, the board has recommended director Sugkeun Kwak and candidate Seungyeon Lim as independent directors who will also serve as audit committee members, and directors Hoon Bae and Youngkwon Choi as candidates for the audit committee.
Shinhan Financial Group plans to approve the independent director nominations and reappointments at the regular general shareholders’ meeting on March 26. If both new appointments and reappointments are confirmed at this meeting, the number of female independent directors will remain at four.
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