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Chairman Yoon confirmed three consecutive appointments at the extraordinary shareholders’ meeting on 20
“Rejected” with a 3% approval rate from outside directors recommended by the union
In News Reporter Eun-Shil Yoo ㅣ During the extraordinary general meeting of shareholders of KB Financial Group, the reconfirmation of KB Financial chairman Yoon Jong-gyu and KB Kookmin Bank chairman Huh In were confirmed. The external director candidates recommended by the KB Financial Group Employee Shareholders’ Association have not finally crossed the wall of the general meeting of shareholders.
During the extraordinary general meeting of shareholders of KB Finance held on the 20th at the main branch of Yeouido of Kookmin Bank, the appointment of the external directors of Professor Yoon Soon-jin and the CEO of Sustin Best Ryu Young-jae of Seoul National University was been rejected. The two candidates are ESG (Environmental, Social and Governance) experts recommended by the KB Financial Group Employee Shareholders Association through a shareholder proposal.
Both agendas remained at a rate of 3% of total voting rights. The approval rate with respect to the number of titles present was 4.62% and 3.80% respectively and they were rejected.
Ryu Je-gang, head of KB Financial Group’s employee share ownership association, said: “The two nominees for external directors are the best ESG experts in Korea and regret not having received shareholder approval.” It was about increasing shareholder value and increasing shareholder value. “
During the extraordinary general meeting of shareholders, interest focused on the possibility of introducing the system of the director of trade union recommendations, but many shareholders, including the National Pension Service, expressed their opposition. KB Finance has also expressed its opposition earlier.
The union recommendation director system is a system in which the experts recommended by the union participate as external administrators of the BOD. Since the inauguration of the Moon Jae-in government, financial unions have made continuous attempts through shareholder proposals under existing business law, but no cases have been introduced.
At today’s meeting, the shareholders expressed conflicting opinions on the appointment of the two candidates. A shareholder said: “KB Financial received an A + in the ESG rating from the Korea Corporate Governance Service and the current shareholders are very happy with the board of directors.”
Later, another shareholder said: “The board of directors of the financial group is not without criticism that the board of directors has recently built a trench and external directors are promoting self-referencing.
In this regard, President Yoon Jong-gyu said: “In consideration of fairness and labor management relations, I and the intentions of President Huh In have not entered the official position presented separately by the management.”
Instead, the appointment of directors was approved with the main idea of appointing Chairman Yoon as executive director, equal to 73.28% of the total voting rights issued and 97.32% of the number of shares present. President Yoon will lead KB Finance until November 2023 with this reconfirmation.
Heo’s other appointment as non-executive director was also approved with an approval rate of 73.37% of the total number of voting rights and an approval rate of 97.45% of the number of shares present. Heo’s tenure is until the end of next year.
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