DGB Financial's 'Kim Tae-oh 2nd Term' System... Reappointment Approved at General Meeting

[Asia Economy Reporter Kim Hyo-jin] Kim Tae-o, Chairman of DGB Financial Group (photo), has been reappointed.

On the morning of the 26th, DGB Financial held its regular shareholders' meeting at the Daegu Bank 2nd Headquarters in Buk-gu, Daegu, and approved Chairman Kim's reappointment. With this, DGB Financial enters its second term under Chairman Kim's leadership.

Since leading DGB Financial from 2018, Chairman Kim has been recognized for his efforts to strengthen the group's sustainability based on advancing governance and practicing ethical management.

Building on this, DGB Financial received high evaluations in the Dow Jones Sustainability Index (DJSI), which assesses global corporate sustainability, last November, and was included in the DJSI Korea index for the 12th consecutive year.

It was also the first domestic company to be inducted into the KRCA Hall of Fame as the most awarded recipient of the Korea Sustainability Report Awards (KRCA) at the '2020 Korea Sustainability Conference' hosted by the Korea Standards Association, and received the highest ESG grade of A+ at the '2020 ESG (Environment, Social, Governance) Excellent Companies' awards hosted by the Korea Corporate Governance Service, which are considered significant achievements.

Chairman Kim is the only person in the domestic financial sector serving as a director of the United Nations (UN) Global Compact. The UN Global Compact, launched in July 2000 as an official UN initiative, is the world's largest voluntary corporate citizenship initiative. It provides a foundation for companies to engage in responsible activities based on the implementation of ten principles concerning human rights, labor, environment, and anti-corruption, and for sustainable development.

Based on these achievements and activities, Chairman Kim is expected to further accelerate ESG management while focusing on defending against the impact of COVID-19 and improving management resilience, centered on major affiliates such as Daegu Bank. Smoothly resolving the fraud controversy that arose during the land purchase process of its Cambodian local subsidiary is also cited as one of Chairman Kim's tasks.

DGB Financial's net profit last year was 332.3 billion KRW, an increase of more than 8% compared to 2019. Considering the burden of provisions by affiliates due to COVID-19, this is regarded as a remarkable growth trend. This is analyzed as a result of active mergers and acquisitions (M&A) carried out under Chairman Kim's leadership.

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