Financial Shareholders' Meeting Keyword "Strengthening Internal Controls"... Holding Company Chairmen Promise Radical Reform (Comprehensive)

Chairman Yang Jonghee: "We will transform the entire group through innovation"
Chairman Jin Okdong: "We will firmly establish internal controls"
Chairman Im Jongryong: "We will become a trusted group"

(From left) Yang Jong-hee, Chairman of KB Financial Group; Jin Ok-dong, Chairman of Shinhan Financial Group; Lim Jong-ryong, Chairman of Woori Financial Group.

Chairmen of major domestic financial groups pledged to strengthen internal controls and innovate their businesses at their regular shareholders' meetings.

Jin Ok-dong, Chairman of Shinhan Financial Group, said at the regular shareholders' meeting held on the morning of the 26th, "There were painful moments last year that reaffirmed the importance of internal controls," adding, "We will take the regrettable parts as lessons and further strengthen Shinhan's foundational capabilities." Chairman Jin emphasized, "We will improve the overall management, supervision, and monitoring systems so that the internal control system can operate more effectively." He continued, "The core is the employees' strong ethical awareness," and added, "We will internalize a strong ethical consciousness through continuous education and effective efforts."

Im Jong-ryong, Chairman of Woori Financial Group, also stated at the shareholders' meeting at the same time, "There were regrettable and disappointing aspects that did not meet the expectations of our customers and the market," and declared, "Along with a sober reflection on a series of incidents, all employees of the group will undergo a complete transformation." He added, "We will deeply engrave the essence of finance, 'trust,' in our hearts and surely become 'a trusted Woori Financial Group'." He particularly emphasized improvements in internal control-related systems and policies.

Shinhan Financial and Woori Financial experienced large-scale financial accidents last year. Woori Financial was found by the Financial Supervisory Service last year to have had improper loans amounting to 73 billion KRW given to relatives of former Chairman Sohn Tae-seung through Woori Bank. Shinhan Financial experienced a financial accident involving 130 billion KRW at Shinhan Investment Corp. This year, it was also detected earlier this month that a branch employee at Shinhan Bank embezzled 1.7 billion KRW.

Meanwhile, the chairmen of the financial groups did not forget to emphasize innovation at the shareholders' meetings to respond to uncertain domestic and international financial environments. Yang Jong-hee, Chairman of KB Financial Group, said, "This year, uncertainties both domestically and internationally are higher than ever," naming efficient management and innovative growth as this year's keywords. He stated, "We will establish a stable management system globally to strengthen the competitiveness of core businesses." He also emphasized, "We will actively invest in areas where we can excel, such as non-financial businesses and ESG (environment, social, governance), which are future competitive fields."

Chairman Jin promised to lead a business innovation ecosystem to continue sustainable growth. He said, "We will quickly grasp the latest technologies and trends to achieve innovation," and added, "We will accelerate digital transformation and artificial intelligence (AI) innovation."

Chairman Im emphasized expanding Woori Financial's synergy areas. Operating this year under a 'crisis management system,' they plan to manage capital adequacy and liquidity at appropriate levels to overcome the crisis. Chairman Im said, "We will provide innovative financial services such as generative AI and embedded finance partnerships," and added, "We will strengthen digital platform competitiveness and actively pursue new business discovery for future growth."

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