KB Geumyung Woori Sajujohap Recommends Two ESG Experts as Outside Director Candidates

[Asia Economy Reporter Park Sun-mi] The KB Financial Group Employee Stock Ownership Association has nominated two experts in Environment, Social, and Governance (ESG) as outside director candidates.

On the 10th, the KB Financial Employee Stock Ownership Association announced at a press conference held in front of the headquarters at 10 a.m. that it plans to propose shareholders' resolutions at the extraordinary general meeting scheduled for November 20 to appoint Professor Yoon Soon-jin of Seoul National University Graduate School of Environmental Studies and CEO Ryu Young-jae of Sustainvest as new outside directors.

Outside director candidate Yoon Soon-jin is a professor at Seoul National University Graduate School of Environmental Studies, responsible for the Environmental Education Cooperative Program, Global Environmental Management Joint Major, and Philosophy of Science Cooperative Program. He has held key positions including top decision-maker at the Korea Energy Information and Culture Foundation, Korean Environmental Sociology Association, Korean Environmental Policy Association, and Korean Climate Change Association.

Additionally, outside director candidate Ryu Young-jae is the CEO of Sustainvest, a leading domestic company specializing in social responsibility investment, ESG, and shareholder rights exercise consulting since its establishment in 2006. He has held top leadership and key positions at the Korea Corporate Governance Forum and the Korea Socially Responsible Investment Forum.

The Employee Stock Ownership Association introduced candidates Yoon and Ryu as top-tier domestic experts in environmental and energy policy as well as specialists in social responsibility investment, ESG, and sustainable management consulting, explaining that they are essential ESG experts for KB Financial’s board to operate the ESG committee effectively and professionally.

Ryu Je-gang, chairman of the Employee Stock Ownership Association, stated, "The KB Financial board consists of seven members: two in financial management, one in finance, one in accounting, one in law and regulation, one in risk management, and one in consumer protection," adding, "This board composition is the reason why, despite the progressive step of establishing an ESG committee, KB Financial’s board is criticized as a 'nominal ESG committee' that is merely for show."

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