Proxy Advisor ISS Recommends Approval for All Hana Financial Group Shareholders’ Meeting Agenda Items

Global proxy advisory firm ISS has recommended approval for all agenda items at Hana Financial Group's upcoming shareholders' meeting, including the appointment of directors and the relocation of the company’s headquarters from Seoul to Cheongna, Incheon.

Ham Youngjoo, Chairman of Hana Financial Group. Photo by Yonhap News

According to the financial sector on March 11, ISS recently issued a recommendation in favor of all agenda items for Hana Financial Group’s 2026 annual general meeting. As a result, both ISS and Glass Lewis, the world’s two largest proxy advisory firms, have now recommended approval for all of Hana Financial Group’s proposed items.

At the shareholders' meeting scheduled for March 24, Hana Financial Group plans to vote on seven agenda items: the appointment of outside directors Park Dongmoon, Won Sookyeon, Lee Joonseo, Joo Youngsub, Lee Jaesool, Yoon Sim, Lee Jaemin, Seo Youngsook, and Choi Hyunja; the appointment of inside directors Lee Seungyeol and Kang Seongmook; the relocation of the company’s headquarters; and a reduction in the capital reserve for tax-exempt dividends, among others.

Given that the foreign ownership ratio of Hana Financial Group is approximately 70%, recommendations from proxy advisory firms are considered a key factor influencing shareholder votes. With leading advisory firms unanimously recommending approval, there are expectations that all agenda items will pass with an approval rate exceeding 90% at this year’s meeting.

In particular, it is noteworthy that ISS, which had previously issued negative recommendations for the appointment of Hana Financial Group’s directors, has this time recommended approval. Hana Financial Group believes that its efforts to improve corporate governance and enhance communication with shareholders influenced ISS’s decision.

Additionally, the Supreme Court’s acquittal of Ham Youngjoo, Chairman of Hana Financial Group, in a hiring irregularities case this past January is interpreted as a positive factor that contributed to ISS’s favorable recommendation.

Hana Financial Group believes that, following the Supreme Court ruling and ISS’s recommendation for approval, it is now moving beyond the governance issues that have persisted for several years. A spokesperson for Hana Financial Group stated, "The fact that ISS, which had previously recommended voting against the reappointment of directors, is now recommending approval for all agenda items at our shareholders' meeting is the result of our improved governance as well as our commitment to transparent and proactive communication."

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