(Seoul = Yonhap Infomax) Reporter Son Ji-hyun = At the regular shareholders’ meeting of Shinhan Financial Group, the agenda for appointing Jin Ok-dong as the next CEO was passed without difficulty.
Chairman Jin will begin his term as CEO in earnest after an inauguration ceremony this afternoon.
Shinhan Financial held a regular shareholders’ meeting at its headquarters in Jung-gu on the morning of the 23rd and passed an agenda to appoint Chairman Ok-dong Jin as an inside director.
Previously, Shinhan Financial Group recommended Jin as the sole candidate for the chairman through the Chairman Candidate Recommendation Committee at the end of last year.
As the agenda was passed at the shareholders’ meeting, the final gateway, Jin’s term of office began in earnest. Chairman Jin will serve as chairman for three years until March 2026.
Chairman Jin graduated from Deoksu Commercial High School and the Department of Business Administration at Korea National University of Education, received a master’s degree in business administration from Chung-Ang University, and is a ‘Japanese expert’ who served as Osaka branch manager and president of SBJ Bank in Japan.
At this shareholders’ meeting, the National Pension Service, the largest shareholder with a 7.69% stake (as of the end of last year), voted against the appointment of Chairman Jin.
The National Pension Service has previously announced its position that it “opposes for reasons such as damage to corporate value or negligence in monitoring duty.”
However, it seems that a significant number of foreign shareholders voted in favor as ISS, which has an influence on the decision-making of foreign investors holding more than 60% of the shares, recommended the appointment of Chairman Jin.
ISS said, “Candidate Jin played a key role in improving Shinhan Financial’s risk management, and the recurrence of customer compensation related to the Lime Asset Management incident, strengthening of the internal control system, and reorganization of key performance indicators (KPI) for employees related to sales of high-risk products” Preventive measures have been put in place.”
At the time of Shinhan Bank CEO, Chairman Jin received a ‘cautionary warning’, a light punishment from the financial authorities due to the Lime Fund incident, etc.
Shinhan Financial Group previously focused on emphasizing Chairman Jin’s efforts to resolve the Lime Fund crisis when he was president of Shinhan Bank through explanatory materials on the agenda for the shareholders’ meeting.
Shinhan Financial evaluated that Chairman Jin preemptively ordered the suspension of sales, promptly compensated for customer damage and promoted measures to prevent recurrence.
In addition, it was emphasized that the time when Chairman Jin served as Shinhan Bank CEO and the lime fund sales period overlapped was only 4 months, and that the ‘cautionary warning’ sanctions received from the Financial Supervisory Service did not fall under the reason for disqualification as an executive.
One shareholder who attended the shareholders’ meeting said, “Candidate Jin has led Shinhan Bank to a leading bank for the past four years,” and said, “I agree with the appointment of inside directors.”
Meanwhile, the agenda for the reappointment of eight outside directors, including Soo-geun Kwak, Hoon Bae, Jae-ho Seong, Yong-guk Lee, Yoon-jae Lee, Hyeon-deok Jin, Jae-bung Choi, and Jae-won Yoon, also passed the general shareholders’ meeting. The agenda for appointing other non-executive directors of Shinhan Bank President Jeong Sang-hyeok was also decided.
Jin Ok-dong, chairman of Shinhan Financial Group
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