KB Financial Group's General Meeting of Shareholders Rejects Appointment of Outside Director Recommended by Labor Union

Five Attempts So Far All Failed
Nomination of Former Export-Import Bank Vice President Kim Young-soo Rejected

On the 8th, when the KB Kookmin Bank union went on a general strike for the first time in 19 years, citizens were conducting banking transactions at the Kookmin Bank Yeouido branch in Seoul. Kookmin Bank formed an emergency countermeasure committee and planned to open all 1,058 branches nationwide on that day. However, since some branches might experience disruptions in certain services due to employees participating in the strike, 411 key branches nationwide were designated and operated to ensure smooth handling of most services. Photo by Moon Honam munonam@

[Asia Economy Reporter Sim Nayoung] The appointment of an outside director recommended by the KB Financial Group labor union was rejected. At the KB Financial Group shareholders' meeting held on the 25th, the agenda item to appoint Kim Youngsoo as the 6th outside director was voted down. The KB Financial Group labor union and the KB Financial Group employee stock ownership association have attempted to appoint outside directors a total of five times so far, but all attempts have failed.

On the 9th, the KB Financial Group Labor Council delivered a shareholder proposal and proxy statement to the KB Financial Group Board Secretariat recommending Kim Youngsoo, former executive director of the Korea Overseas Infrastructure & Urban Development Corporation and former vice president of the Export-Import Bank of Korea, as a candidate for outside director.

In 2017, the KB Financial Group labor union recommended Ha Seungsoo, co-representative of the Proportional Democracy Solidarity, and in 2018, Professor Kwon Soonwon of Sookmyung Women's University as candidates for outside director, but both failed to be appointed. In 2019, they recommended lawyer Baek Seunghun. However, Baek withdrew voluntarily after it was revealed that the law firm he belonged to had provided legal advice to KB Insurance.

In 2020, the KB Financial Group employee stock ownership association put forward Professor Yoon Soonjin of Seoul National University Graduate School of Environmental Studies and Ryu Youngjae, CEO of Sustainvest, as 'ESG (Environmental, Social, and Governance) experts' candidates for outside director, but the proposal was rejected.

Other agenda items, including the appointment of Lee Jaegun, President of KB Kookmin Bank, as a non-executive director, were all approved as originally proposed. At the shareholders' meeting, KB Financial Group Chairman Yoon Jongkyu stated, "This year, we will expand the profit base in corporate finance and capital markets and be recognized by the market and customers through differentiated asset management capabilities," adding, "The expansion of the role of KB Star Banking, KB Kookmin Bank's mobile banking app, and the leap to become the 'number one financial platform company' through MyData services, as well as the expansion of global business areas, are the areas where the group will focus its capabilities this year."

This content was produced with the assistance of AI translation services.