"Strengthening Consumer Protection"...Woori Card Establishes 'Financial Consumer Protection Committee'

Woori Card announced on the 26th that it is strengthening its consumer protection-oriented management by establishing a dedicated subcommittee, the “Financial Consumer Protection Committee,” within its board of directors to further enhance its financial consumer protection system.

This is a strategic decision to actively respond to the financial authorities' request for the implementation of the “Best Practices for Financial Consumer Protection Governance” and to internalize consumer protection as a core pillar of corporate management. The newly established Financial Consumer Protection Committee will function as the highest-level decision-making body on consumer protection, operating as an independent subcommittee within the board of directors and reviewing and resolving major policies and strategies related to consumer protection. In particular, it is significant that the company has established a direct management and oversight structure at the board level, moving beyond the previous internal control-focused management framework.

The committee consists of three outside directors, with a former chairman of the Korea Financial Consumers Protection Foundation appointed as chair. This structure is designed to actively incorporate external perspectives in the formulation and decision-making process of consumer protection policies.

The core roles of the Financial Consumer Protection Committee include: establishing policies and strategies for financial consumer protection and risk prevention; reviewing management strategies related to consumer protection; and inspecting reports from related bodies such as the Internal Control Committee. The committee is expected to build a proactive, prevention-focused consumer protection management system, moving beyond a simple, reactive approach to handling complaints.

A Woori Card official stated, “Financial consumer protection is not merely about complying with regulations, but is a core value directly tied to corporate sustainability,” adding, “Through board-centered governance, we will enhance consumer trust and further solidify a culture of consumer protection within the organization.”

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