Hana Financial Group Chairman Kim Jung-tae (pictured) has been virtually confirmed for four consecutive days. Chairman Kim served as the head of Hana Bank in 2008, and then became chairman of Hana Financial Group in 2012, and succeeded in two consecutive terms in 2015 and 2018. If the shareholders’ meeting in March is passed this time, the’fourth term of office’ will be entered.
Kim Jong-tae’one more year’ to stabilize corporate governance
Hana Financial Group held an in-depth interview with four candidates for chairman-elect, including Chairman Kim, Young-joo Ham, Vice Chairman of Hana Financial Group, Hana Bank Vice Chairman Park Sung-ho, and former Citibank President Park Jin-hoe, and held an in-depth interview with President Kim for one year. It has been announced that it has been confirmed as the sole candidate for the next CEO and chairman.
With the background of selecting Chairman Kim as the final candidate, Seong-bok Yoon (former Vice Chairman of KPMG Samjong) said, “We can actively respond to changes in the financial market amid the continuing economic uncertainty in the aftermath of Corona 19, and provide global and ESG (environmental, social, governance) ) I decided that Chairman Kim was the right person to promote management.” Immediately after the announcement of the Hikaru Committee, Chairman Kim expressed his feelings, saying, “I feel a heavy sense of responsibility” and “I will devote myself to stabilizing the organization.”
Ahead of the recommendation for this presidential candidate,’Kim Jong-tae’s theory of general publicity’ emerged early inside and outside Hana Financial Group. Vice-Chairman Ham is one of the leading candidates to succeed Chairman Kim in the industry. This is because he led Hana Bank, which was integrated with Korea Exchange Bank, and has been working with Chairman Kim for a long time. However, Vice Chairman Ham is being tried for employment corruption. Financial authorities have also been warned of censure regarding the incomplete sale of a derivative-linked fund (DLF) linked to foreign interest rates. The Financial Supervisory Service recently asked the prosecution to investigate Lee Jin-guk, CEO of Hana Financial Investment and vice-chairman of Hana Financial Group, who was selected as another influential candidate.
Concerns about such legal risks both inside and outside the group were raised, and an opinion emerged that the additional reappointment of Chairman Kim was inevitable. In a situation where Chairman Kim was included in the four candidates, and the reappointment was gaining strength, the financial authorities gave more support to the reappointment as the evaluation of “The election of the next chairman of Hana Financial Group is the responsibility of the Hoe Chul Committee” (Chairman Eun Seong-soo). .
Affiliate CEO replacement
If the reappointment of Chairman Kim is confirmed at the shareholders’ meeting, Hana Financial Group’s internal regulations allow him to perform his duties only until the regular shareholders’ meeting in March next year, when he turns 70. It is a case of four times as chairman of financial holdings following former chairman of Shinhan Financial Group (2001~2010). Hana Financial Group should work on appointing the next chairman again next year. While Vice Chairman Ham is still being mentioned as a leading candidate for president-elect, raising another successor is considered President Kim’s task.
As the candidates for the next president-elect are selected, Hana Financial Group opens an executive nomination committee to appoint representatives of affiliates. It is observed that the water will change drastically. This is because the tenures of CEOs of 11 out of 14 affiliates, including Hana Bank President Ji Sung-gyu, Hana Geumtu Lee Jin-guk, and Hana Card President Jang Kyung-hoon, will end at the shareholders’ meeting. In the head of Hana Bank, Vice Chairman Park Seong-ho, who was nominated for the next chairman-elect, is influential. It is said that the representative of Hana Geumtu will be the vice chairman of the landowner Lee Eun-hyung. It is possible that the current president Ji Sung-gyu will move to the vice chairman of the landlord.
Reporter Kim Dae-hoon [email protected]
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