Shinhan Financial Group's Next Chairman Candidates Confirmed: Jo Yong-byeong, Jin Ok-dong, and Lim Young-jin (Comprehensive)

Final Candidate to Be Confirmed After Interview on the 8th of Next Month

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group has finalized its next chairman shortlist with Chairman Cho Yong-byeong, Shinhan Bank President Jin Ok-dong, and Shinhan Card President Lim Young-jin.

The Chairman Candidate Recommendation Committee, a subcommittee within Shinhan Financial Group's board of directors, announced on the 29th that it had confirmed the shortlist for the next CEO chairman. Vice President Heo Young-taek, Chief Management Officer (CMO) of Shinhan Financial Group, and Kim Byung-ho, former Vice Chairman of Hana Financial Group, who were initially included in the shortlist, were excluded from the list.

The Recommendation Committee is a board committee formed to discuss matters related to the nomination of director candidates for the CEO chairman position. It currently consists of seven outside directors: Seong Jae-ho (chairman), Kwak Soo-geun, Bae Hoon, Lee Yong-guk, Lee Yoon-jae, Jin Hyun-deok, and Choi Jae-bung. The committee typically goes through procedures such as candidate recommendation, shortlist announcement, and final interviews to decide the final candidate. The final candidate serves a three-year term after approval at the shareholders' meeting.

Earlier, the committee finalized the procedures for recommending the next CEO chairman candidate, meeting schedules, and candidate review criteria through three meetings held since mid-month. They also conducted in-depth reviews of a broad pool of candidates, including internal and external personnel, to select the shortlisted candidates.

A Shinhan Financial Group board official stated, "Since October, we began discussions on the overall schedule and review criteria based on consensus among outside directors," adding, "We have ensured the independence of the Recommendation Committee to prioritize the stability of the group’s governance structure and have conducted a fair and transparent management succession process."

The three candidates on the shortlist have long been regarded as strong contenders for chairman both inside and outside Shinhan Financial Group. Chairman Cho has recently elevated Shinhan Financial to the ranks of a 'leading bank' through consecutive performance improvements and completed the portfolio of a comprehensive financial company by establishing and acquiring Shinhan Life and Shinhan EZ Insurance, increasing his chances for a third term. Notably, in June, Chairman Cho was acquitted by the Supreme Court regarding allegations of irregularities in new employee recruitment, dispelling judicial risks.

Among the internal candidates, President Jin and President Lim are CEOs who have driven performance improvements at Shinhan Bank and Shinhan Card, respectively. Both CEOs are also considered strong candidates for promotion to vice chairman within Shinhan Financial Group if the position is established following Chairman Cho’s reappointment.

Meanwhile, the next Recommendation Committee meeting scheduled for the 8th of next month will be an expanded session attended by all outside directors. It will comprehensively verify each candidate’s performance, capabilities, and qualifications, review reputation inquiry results, and conduct individual interviews to recommend the final CEO chairman candidate.

The recommended CEO chairman candidate will be reviewed and approved for suitability at the full board meeting following the Recommendation Committee, and upon approval at Shinhan Financial Group’s regular shareholders’ meeting in March next year, will assume the chairmanship.

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