iM Financial Group has begun its management succession process to select its next chief executive. It will strengthen fairness and transparency by evaluating internal and external candidates under the same standards and involving outside experts in the screening process.

The iM Financial chairman candidate recommendation committee said it decided at a meeting on Sept. 28 to begin the succession process to appoint the next chief executive.

The committee presented four selection principles: ensuring procedural legitimacy and transparency; improving diversity of the candidate pool and fairness in evaluation; selecting a final candidate with qualifications and capabilities; and strengthening the committee's independence.

The candidate pool will consist of a standing internal pool and an external pool identified through multiple professional search firms. It plans to assess expertise and management capabilities using the same criteria regardless of background or whether a candidate is currently in office.

The succession process will proceed in three stages: selecting a long list, selecting a short list and selecting a final candidate. In the first stage, it will confirm eligibility requirements and essential competencies through applications, supporting documents and reference checks.

In the second stage, independent directors and outside experts will assess financial industry expertise, organisational leadership and strategic thinking, among other factors. In the final stage, it will verify candidates' readiness and suitability through in-depth interviews by independent directors and a session to present and discuss the group's management direction over the next three years.

The committee plans to select a long list by late October, finalise a short list by late November and recommend a final candidate in December. The verification period from long-list selection to final selection will be extended by about 20 days from the previous roughly 40 days.

Cho Kang-rae (조강래), chairman of the iM Financial chairman candidate recommendation committee, said the focus was on boosting objectivity and professionalism by involving outside experts in the evaluation. He said it would recommend the best candidate through a sufficient verification period and transparent assessment.