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Woori Financial Group |
[Alpha Biz= Paul Lee] Woori Financial Group has announced plans to overhaul its governance structure by replacing more than half of its outside directors. On the 28th, the group revealed that it has recommended four new outside director candidates, as the terms of seven outside directors are set to expire.
The new candidates are Professor Lee Young-seop from Seoul National University's Graduate School of International Studies, former Vice Chairman Lee Kang-haeng of Korea Investment Holdings, former Dowoo Technology CEO Kim Young-hoon, and former Eugene Corporation CEO Kim Chun-soo.
Among the five outgoing directors, only Yoon In-seop has been selected for reappointment.
An official from the nominating committee explained, "The outside director reshuffle is intended to strengthen the board's and committees' role in overseeing management and to effectively perform the group's internal control tower function."
In line with this, Woori Financial Group will also establish an Ethics and Internal Control Committee and expand the Risk Management Committee by adding an additional member, increasing its members from three to four.
A Woori Financial Group representative stated, "In line with the overall trend of governance reform in the financial industry, we have restructured the board and recommended four new outside directors. We expect the newly formed board and committees to play a key role in enhancing management stability and shareholder value based on strengthened internal controls."
The new outside directors will be officially appointed at the regular shareholders' meeting scheduled for March 26, and the restructuring of committees will also be completed on the same day, marking the full activation of Woori Financial's new governance structure.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
