Woori Financial Overhauls Board, Brings in Internal Control Experts

 

 

 

 

Woori Financial Group is reinforcing its commitment to ethical management and restoring customer trust by appointing an internal control expert to its board of directors.

According to the financial industry on the 20th, four out of seven outside directors of Woori Financial Group are set to be replaced. Director Jung Chan-hyung will step down after completing the maximum six-year term, while Director Ji Sung-bae will leave as IMM PE, the entity that recommended him, has lost its status as a major shareholder. Additionally, among Directors Shin Yo-hwan, Yoon Soo-young, and Yoon In-seop—excluding Park Sun-young and Lee Eun-joo, who were appointed last year for a two-year term—two will also be replaced with new individuals.

At least one of the new outside directors is expected to be an expert in internal control, compliance, and ethical management. This move is seen as a response to the Financial Supervisory Service’s recent request for financial holding companies to strengthen the role of outside directors in internal oversight.

There has been speculation that Woori Bank President Jung Jin-wan might join the holding company’s board, but no concrete discussions have taken place yet.

Woori Financial Group plans to finalize and announce the new outside director candidates on the 28th and officially appoint them at a shareholders’ meeting on the 26th of next month.

This push for stronger internal controls appears to be a follow-up measure in response to the illegal loan scandal involving a relative of former Chairman Sohn Tae-seung.

Woori Financial Group Chairman Lim Jong-ryong had previously stated in his New Year's address that he would fundamentally reform the company’s internal control system and establish an ethical corporate culture.

Meanwhile, Financial Supervisory Service Governor Lee Bok-hyun remarked the previous day that it is crucial for Chairman Lim to complete his term and maintain governance stability.

출처 : 산경투데이 https://www.sankyungtoday.com

 

 

 

https://www.sankyungtoday.com/news/articleView.html?idxno=50891

Woori Financial Overhauls Board, Brings in Internal Control Experts