Woori Financial Group Advances Governance Modernization Through Outside Director Training Program

Strengthening Capabilities Through Mandatory Training and Pre-Appointment Education for Outside Directors

Woori Financial Group announced on the 13th that it has signed a business agreement with the Financial Supervisory Service, Korea Institute of Finance, and the Korea Federation of Banks to advance governance in the banking sector.

The signing ceremony, held at the Samcheong-dong headquarters of the Korea Institute of Finance, was attended by Woori Financial Group Chairman Lim Jong-ryong, Financial Supervisory Service Governor Lee Bok-hyun, Korea Institute of Finance President Lee Joon-soo, and Korea Federation of Banks Chairman Cho Yong-byeong, among others.

This business agreement aims to establish systematic education and training programs to facilitate the smooth performance of duties by newly appointed and incumbent outside directors, and to establish a balanced and transparent governance structure in financial companies through the enhancement of outside directors' expertise. Through this agreement, outside directors and employees belonging to the board secretariat will participate in the outside director training programs of the Korea Institute of Finance to strengthen the capabilities of outside directors.

Woori Financial has been providing various training programs to assist the smooth performance of duties by newly appointed and incumbent outside directors in accordance with the "Governance Best Practices" prepared by the Financial Supervisory Service in 2023. Mandatory legal training and timely topic training are continuously conducted throughout the year for all outside directors, and pre-appointment training for newly appointed outside directors to ensure smooth duty performance has been completed before their appointment.

Chairman Lim Jong-ryong stated, "Efforts to advance governance in financial groups and strengthen the board of directors' core functions are key tasks for the sound growth, development, and competitiveness enhancement of the financial industry. I am confident that this multilateral business agreement will serve as a solid stepping stone for enhancing the expertise of outside directors and establishing proper governance in financial groups, and we plan to fully support the training and capacity building of outside directors."

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