ISS, the World's Largest Proxy Advisory Firm, Supports Appointment of Yang Jong-hee as KB Vice Chairman

Likely to Influence Foreign Shareholders in the March 17 General Meeting Vote
Attention Also on the Decision of the Largest Shareholder, National Pension Service

Institutional Shareholder Services (ISS), the world's largest proxy advisory firm, has recommended shareholders to approve the appointment of Yang Jong-hee as the next chairman of KB Financial Group. ISS is a global proxy advisory firm on par with Glass Lewis, providing voting guidelines for corporate shareholder meetings to investors worldwide.

Yang Jong-hee, Vice Chairman of KB Financial Group, selected as the final candidate for the next chairman of KG Financial Group
[Photo by Yonhap News]

According to the financial industry on the 5th, ISS recently stated in a report related to KB Financial Group that regarding the selection of the next chairman, "After reviewing and analyzing the agenda, there are no significant unusual factors to emphasize," expressing a favorable opinion. With ISS’s support, attention is focused on the decisions of foreign shareholders and the largest shareholder, the National Pension Service (holding 8.74% as of October 6), at the KB Financial Group’s extraordinary general meeting scheduled for the 17th to appoint the chairman.

The next chairman candidate, Yang Jong-hee, the current vice chairman of KB Financial Group (62), is regarded as a professional financier well-versed in KB Financial Group’s core businesses ranging from banking to insurance. Since 1989, he has worked at Kookmin Bank, serving as head of the Seocho Station branch, head of strategic planning at KB Financial Group (managing director), and vice president in charge of management. In March 2016, he was appointed president of KB Insurance, serving until December 2020 after renewal, and in January 2021, he was promoted to vice chairman overseeing insurance and global operations at KB Financial Group. Since January this year, as vice chairman, he has been responsible for personal customers, asset management, and pensions across KB Financial Group.

When asked about his top priorities after assuming the chairmanship, Yang stated, "I will focus on credit risk, the normalization of Bukopin (the local Indonesian affiliate bank), and potential organizational slack that may arise during this transitional period."

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