Shinhan Financial Group said on March 3 it held a meeting of its Outside Director and Audit Committee Candidate Recommendation Committee and recommended 2 new outside director candidates: Park Jong-bok (박종복) and Lim Seung-yeon (임승연).

Shinhan’s board explained the reason for recommending Park, calling him a finance expert who led growth and improved profitability while serving for more than 10 years as head of SC First Bank, and who successfully pushed new businesses such as digital initiatives. It said he is well-suited to contribute to consumer-focused management based on his on-the-ground experience in retail and private banking.

It also assessed him as someone who can provide practical advice aligned with global standards to the board based on his corporate governance experience at a global financial group. It said it expects insightful recommendations for the company’s initiatives based on his deep understanding and expertise across the banking industry.

The board also said that if Park joins in addition to director Choi Young-kwon, who has capital market expertise, the board would be able to provide balanced advice spanning banking and capital markets. It said Park’s experience would deepen board discussions on internal controls, consumer protection and new business 추진, and contribute positively across the company’s key tasks.

The board introduced Lim as a finance and accounting expert who is a former U.S. certified public accountant and serves as a professor and dean of the business school at Kookmin University. It described her as a candidate with deep understanding of overall corporate governance through academic achievements in accounting and experience as an outside director and audit committee member at other companies.

It said it newly recommended a female accounting expert to maintain expertise and diversity in the field following the end of the term of director Yoon Jae-won, a finance and accounting expert. It said that at a time when the board’s role in internal controls and audits has become more important, it expects Lim to carry out oversight and monitoring, while advising on internal controls based on her deep understanding of and experience with audit processes at financial companies.

Director Yoon, whose term expires, and director Lee Yong-kuk (이용국), who has expressed his intention to resign, will retire after the annual shareholders meeting to be held this month.

It also recommended the reappointment of 5 outside directors whose terms are expiring: Kwak Soo-geun (곽수근), an emeritus professor at Seoul National University’s business school; Kim Jo-seol (김조설), a professor in the economics faculty at Osaka University of Commerce; Bae Hoon (배훈), a lawyer at Orbis law firm; Song Sung-joo (송성주), a professor in the statistics department at Korea University; and Choi, former head of Woori Asset Management.

If the reappointments of Kim, Song and director Jeon Myo-sang (전묘상), along with the newly recommended Lim, are all confirmed at the shareholders meeting, the number of female outside directors will be maintained at 4, continuing the board’s gender diversity.

It also said it recommended Kwak and Lim as outside directors who will become audit committee members, and recommended Bae and Choi as audit committee candidates, reflecting revisions to the Commercial Act. The recommended outside director and audit committee candidates are expected to be finally appointed after approval at the annual shareholders meeting to be held this month.