JB Financial Group to Increase Shareholder-Nominated Outside Directors by Two
Align·OK Savings Bank Recommend Increasing from 9 to 11 Members... Enhancing Diversity
JB Financial Group's board of directors and the executive nomination committee announced on the 5th that they will increase the number of board members by two. The new outside director candidates are Lawyer Lee Myung-sang and Director Lee Hee-seung of Leading Ace Capital, recommended respectively by the third-largest shareholder OK Savings Bank and the second-largest shareholder Align Partners.
With this decision, the number of board members will expand from 9 to 11, and outside directors will increase from 7 to 9. The board, composed of 11 members, will be the largest among domestic financial holding companies.
Lawyer Lee is an expert in finance, M&A (mergers and acquisitions), and corporate advisory, having served as a member of the Financial Services Commission’s Financial Development Deliberation Committee. Director Lee is a capital markets expert who previously served as the youngest director at UBS Securities, head of the research center analyst team, and head of the equity sales division, and is currently serving as director of the investment division at Leading Ace Capital.
If Lawyer Lee, Director Lee, and Vice President Kim Ji-seop of Samyang Holdings are all appointed at this month’s regular shareholders’ meeting, JB Financial Group’s board will include one director recommended by each of the three largest shareholders (Samyang Corporation, Align Partners, and OK Savings Bank). Additionally, with the appointment of Director Lee, the proportion of women among outside directors will increase from the current 14% to 22%.
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JB Financial Group stated, “Director Lee and Lawyer Lee were recommended through the ‘Outside Director Candidate Shareholder Recommendation System,’ which JB Financial Group introduced to enhance transparency and fairness in the board appointment process,” adding, “The decision to increase the number of directors was made in accordance with the ‘Best Practices in Corporate Governance’ recently announced by financial authorities.”
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