Woori Financial Group's executive candidate recommendation committee held a meeting on Feb. 26 and decided to reappoint outside director Yoon In-seob (윤인섭) among three outside directors whose terms expire next month. It recommended Jung Yong-gun (정용건) and Ryu Jung-hye (류정혜) as new outside director candidates, it said on Feb. 27.

Committee chairman Lee Kang-haeng (이강행) said the board agreed it needed experts in financial consumer protection and AI transformation (AX) for the group's sustainable growth. He said it focused on strengthening diversity on the board by recruiting outside directors with expertise in those areas, while enhancing future-readiness and expanding finance's social role.

Jung has served as head of the Financial Consumer Protection Center, a financial consumer protection group. He has built experience in consumer protection, including monitoring financial markets, preventing misselling and supporting vulnerable groups.

Ryu is an AI expert who serves as a member of the presidential National Artificial Intelligence Strategy Committee and co-chair of the AI Future Forum at the People’s Solidarity for a Better Science and Technology Society. She has been responsible for promoting AI and data-based services at major digital platform companies including Naver, NHN and Kakao, and has continuously participated in discussions on building the AI industry ecosystem and on policymaking.

If her appointment is confirmed following a vote at the annual shareholders meeting, Woori Financial will have seven outside directors. They will include Yoon, Kim Chun-su (김춘수), Kim Young-hoon (김영훈) and Lee Kang-haeng, all recommended by controlling shareholders, and Lee Young-seop (이영섭), Jung and Ryu.

A Woori Financial Group official said the overhaul of outside directors will further strengthen financial consumer protection governance and the groupwide push for AX. The official said the group will focus on strengthening competitiveness and implementing productive finance to deliver results in boosting shareholder value.

CEO’s third term to require special resolution as threshold raised

Woori Financial also confirmed a proposal to amend its articles of incorporation at next month’s annual general meeting to strengthen shareholders' control.

It decided to change the method for appointing the CEO from a board resolution to a shareholder meeting resolution. For a CEO’s third consecutive term, it decided to raise the threshold to a special resolution rather than an ordinary resolution at a shareholder meeting.

It said it moved preemptively among financial holding companies to strengthen shareholder control devices in line with recent discussions on improving governance and social demand for greater transparency in CEO selection procedures.

Woori Financial also carried out an organisational reshuffle by upgrading the existing Strategy Division into the Strategic Management Group and placing a Management Support Division under it. The Strategic Management Group will oversee management of the group and affiliates, including setting and assessing strategic direction for affiliates and managing governance, and will be staffed by an executive at president level to support and assist the CEO's decision-making, which has increased as the group expands its portfolio.

Woori Financial said it plans to faithfully reflect related matters in its systems and rules as improvement tasks are prepared at the Financial Supervisory Authorities’ ongoing Governance Advancement Task Force.