KB Kookmin Card Establishes Consumer Protection Committee... "Strengthening Financial Consumer Protection System"

Establishing a Company-Wide, Prevention-Oriented Consumer Protection System
...Making It the Top Management Priority
Yang Jonghee, Chairman of KB Financial Group, Launches Consumer Protection Committees within Major Affiliates' Boards

On May 7, KB Kookmin Card announced that it has established a Consumer Protection Committee within its board of directors to further strengthen the functions and roles related to financial consumer protection.

KB Kookmin Card Headquarters in Jongno-gu, Seoul. Kookmin Card

The establishment of the committee is an initiative to proactively implement the "Best Practices for Financial Consumer Protection Governance" announced by the Financial Supervisory Service in September last year, and to systematically execute financial consumer protection as its top management value.

The committee will play a central role across all aspects of consumer protection, including establishing and operating the fundamental policy for the internal control system on financial consumer protection, deliberating and making resolutions on the strategic direction and detailed implementation plans for financial consumer protection, and supervising the results of internal committees related to financial consumer protection.

The committee will be held regularly at least once every six months, and will also convene ad-hoc meetings as needed to promptly deliberate on key agenda items.

Through this, KB Kookmin Card aims to embed financial consumer protection into the board of directors, the company's highest decision-making body, and further strengthen the board-level management and oversight functions.

A KB Kookmin Card representative stated, "The establishment of the committee clearly institutionalizes our commitment to making consumer protection our top priority and a principle to be proactively observed," adding, "We will continue to focus on enhancing the rights and trust of financial consumers through company-wide, prevention-oriented consumer protection systems."

To establish a culture of financial consumer protection, KB Kookmin Card is operating a "Financial Consumer Day" every month and is working to internalize consumer protection awareness through employee training and various practical programs.

KB Kookmin Card transparently discloses major policies and achievements related to consumer protection through its annually published sustainability report. The company plans to systematically manage relevant indicators to further enhance the reliability of consumer protection achievements and the level of public disclosure.

Since March, Yang Jonghee, Chairman of KB Financial Group, has established Consumer Protection Committees within the boards of major affiliates, thereby reinforcing the group's preventive framework. In addition, a Consumer Protection Quality Index has been created to monitor whether the consumer protection system is functioning effectively and to proactively respond as needed.

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