NH NongHyup Bank is revamping its consumer protection governance to protect financial consumers' rights and strengthen trust-based management.

NH NongHyup Bank said on June 22 it will review and vote on an agenda item related to strengthening consumer protection governance at a board meeting on June 25.

The overhaul focuses on strengthening decision-making and oversight functions related to consumer protection around the board. The bank will set up a board subcommittee called the Consumer Protection Committee. It plans to have the dedicated committee handle key consumer protection agenda items.

It will also strengthen procedures for appointing and dismissing the CCO, the executive in charge of financial consumer protection.

The bank will stipulate that the appointment and dismissal of the CCO require a board resolution to secure independence from management. In particular, it will strictly define the requirements for dismissing the CCO as approval by at least two-thirds of all directors.

Kang Tae-young (강태영), the head of NH NongHyup Bank, said, "This governance overhaul reflects a strong commitment to make consumer protection the bank's top management value." He said, "We will thoroughly practice customer-centered management and be reborn as the most trusted bank."