Jin Ok-dong, Shinhan Financial Group Chairman: "Achieving Value-Up and Establishing Internal Control... Will Give Confidence That We Are Truly Different"

Jin Ok-dong, Chairman of Shinhan Financial Group, expressed his determination on the 26th to deliver the belief that "Shinhan is indeed different" through achieving value-up (enhancement of corporate value) and establishing internal control.

Jin Ok-dong, Chairman of Shinhan Financial Group, is presiding over the regular shareholders' meeting held on the 26th at the Shinhan Bank headquarters in Jung-gu, Seoul. Photo by Shinhan Financial Group

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At the regular shareholders' meeting held at the Shinhan Bank headquarters in Jung-gu, Seoul, Chairman Jin said, "This year, we will get even closer to becoming a first-class (一流) Shinhan."

He stated, "Last year, Shinhan Financial Group generated steady profits based on stable asset growth, and overseas performance recorded an all-time high with a 38.1% increase compared to the previous year," adding, "Through this, we achieved a shareholder return ratio of 40.2%."

However, he also expressed regret, saying, "There were painful moments that reaffirmed the importance of internal control. The non-bank performance, which was previously a strength, somewhat fell short of expectations, and some subsidiaries faced difficulties in managing asset soundness due to the downturn in the real estate market."

Chairman Jin emphasized, "We will work earnestly toward the promised goals such as achieving a 10% return on equity (ROE) and a 50% shareholder return ratio this year," adding, "As the true first year of value-up, we will accelerate qualitative growth."

He also promised to further develop the 'first-class agenda' of 'zero scandals,' 'enhancing customer convenience,' and 'sustainable profit generation.'

He first said, "We will firmly establish internal control as Shinhan's differentiated capability," adding, "We will improve the overall management and monitoring system so that the internal control system can operate more effectively." He continued, "The core is the employees' strong ethical awareness," and added, "We will internalize strong ethics based on continuous education and effective efforts."

Chairman Jin stated, "We will importantly reflect customers' voices throughout management and also advance customer experience management," adding, "We will innovate boldly with speed and simplified procedures to maximize customer satisfaction and trust." He also announced plans to accelerate digital transformation and artificial intelligence (AI) innovation.

Meanwhile, Chairman Jin extended words of consolation to those affected by wildfires. He said, "I pray for the souls of those who lost their lives during the wildfire suppression efforts in the Sancheong and Andong areas and offer condolences to those who suffered enormous damage," emphasizing, "The group will also do its best to support swift recovery, even if only in a small way."

At the shareholders' meeting that day, the approval of financial statements and the appointment of directors were passed. Shinhan Financial Group appointed Yang In-jip, CEO of Unicom, and Jeon Myo-sang, a certified public accountant in Japan, as inside directors and new outside directors. The reappointment of outside directors Kwak Soo-geun, Kim Jo-seol, Bae Hoon, Yoon Jae-won, and Lee Yong-guk was also confirmed. Jung Sang-hyuk, President of Shinhan Bank, was reappointed as a non-executive director.

At the subsequent extraordinary board meeting, outside director Yoon Jae-won, who was first appointed last year, was reappointed as the chairman of the board for this year.

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