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JB Financial Group expands outside board directors

March 5, 2024 - 14:27 By Heo Yu-jeong
(Korea Herald)

JB Financial Group said Tuesday it appointed two new members to its outside board of directors, aligning with the government's initiative for increased inclusivity in the financial sector.

The group is welcoming two distinguished members to its outside board of directors -- Lee Hee-seung, a capital market expert and the current director of the investment division at Leading Ace Capital, and Lee Myung-sang, a corporate lawyer from Lee Kim & Partners and a former member of the Financial Development Review Committee at the Financial Services Commission.

This expansion results in an increase in JB Financial Group's outside board members from seven to nine, with female representation growing from one to two.

These appointments follow recommendations from Align Partners Capital Management and OK Savings Bank, the second and third-largest shareholders of the group, respectively. The selection process unfolded through the shareholder proposal right protected by commercial law.

JB Financial Group's governance changes mean it will have at least one director representing each of the three largest shareholders of the group.

The appointments are subject to final approval at the general meeting on March 28, which encompasses the appointment of the two new directors and the reappointment of the current non-executive director Kim Ji-sub, previously recommended by Samyang Corp.