KB Life Establishes Consumer Protection Committee... Appoints Lee Sujin as Outside Director

Advancing Consumer-Centric Internal Controls
Enhancing Board Expertise

KB Life announced that its board of directors established a Consumer Protection Committee within the board at the regular general shareholders’ meeting held on March 24.

A view of KB Life Tower in Yeoksam-dong, Gangnam-gu, Seoul. KB Life

Lee Sujin, a senior research fellow and expert in the field of financial consumer protection who was recommended by the Outside Director Candidate Recommendation Committee, was appointed as an outside director.

This resolution is notable for its proactive response to the trend of strengthening governance focused on financial consumer protection, as well as reflecting the growing movement to reinforce board-centered consumer protection governance.

With the establishment of the Consumer Protection Committee, KB Life will build a board-level consumer protection system with practical effectiveness, focusing on: establishing policies and strategies for financial consumer protection; inspecting the internal control system; and managing major risks related to financial consumers.

Based on this, the company plans to establish a proactive, preventive internal control system and further enhance the implementation of consumer-centric management.

The newly appointed outside director, Senior Research Fellow Lee, is an expert who has accumulated extensive research and advisory experience in financial consumer protection policy and consumer finance.

Currently, she serves as the head of the Financial Consumer Research Division at the Korea Institute of Finance and has conducted a wide range of research, particularly focusing on financial consumer behavior and consumer protection in financial products.

She has contributed to financial consumer protection policy and the improvement of order in the financial market by serving as a member of the Financial Reform Advisory Group of the Financial Services Commission and the Supervisory Advisory Committee of the Financial Supervisory Service.

Since 2012, she has worked as a research fellow at the Korea Institute of Finance and possesses advisory experience in practical internal control and consumer protection systems across all types of financial products.

A representative of the KB Life Outside Director Candidate Recommendation Committee stated, “Senior Research Fellow Lee, who has accumulated diverse research achievements and policy experience, will enhance the board’s expertise in the field of financial consumer protection and is expected to play a key role in helping KB Life build genuine customer trust through consumer-centric management.”

Meanwhile, KB Life is strengthening its company-wide financial consumer protection governance through organizational restructuring this year.

The company newly appointed a Chief Consumer Officer (CCO) with experience and expertise in consumer protection by board resolution. In addition, a Consumer Protection Task Force (TF) reporting directly to the Chief Executive Officer (CEO) was established to implement a preventive, consumer protection process throughout the entire product design, development, and sales cycle.

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