Shinhan Financial Group Begins Process to Select Next Chairman

Shinhan Financial Group has begun the process of selecting its next chairman.

According to Shinhan Financial Group on September 26, the Chairman Candidate Recommendation Committee of Shinhan Financial Group Holdings held a meeting this morning and initiated the management succession process to recommend a candidate for the next chairman and CEO.

During the meeting, the committee discussed the criteria for reviewing the candidate pool for the next chairman. To enhance the independence and fairness of the committee, a secretariat directly under the chairman of the committee was newly established and began operations on the same day. The secretariat will operate until the final candidate is recommended, and will be responsible for supporting the committee’s candidate review, operations, and external communications.

Kwak Soogeun, chairman of the committee, stated, "With the initiation of the group’s management succession process, we plan to narrow down the candidate pool through in-depth discussions," adding, "We will conduct the management succession process transparently, based on independence and fairness."

In accordance with the group’s management succession plan, the committee regularly selects a pool of succession candidates each year, including both internal and external candidates. To ensure fairness in the selection process, all external candidates are chosen based on recommendations from external professional institutions.

Going forward, the committee will proceed with the candidate review process according to the pre-established schedule for each session. The final candidate will be selected at an expanded committee meeting in which all outside directors participate. After passing the board’s suitability review, the final candidate will be appointed as chairman through approval at Shinhan Financial Group Holdings’ regular shareholders’ meeting in March next year.

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