Shinhan Financial to Give Bank Committee Authority to Recommend CEOs... "Strengthening Fairness"

[Financial News] Shinhan Financial Group's Subsidiary CEO Candidate Recommendation Committee has launched the succession process to recommend candidates for the CEOs of its subsidiaries. At the same time, it decided to expand the role of the bank's Executive Candidate Recommendation Committee.
On the 21st, the Subsidiary CEO Candidate Recommendation Committee of Shinhan Financial Group launched the management succession process for the CEOs of 12 subsidiaries whose terms expire this year.
The committee also resolved to revise the subsidiary management succession plan to strengthen the authority of the bank's Executive Candidate Recommendation Committee. It will share information on the pool of succession candidates for subsidiaries with the bank's committee and grant it the authority to recommend candidates. In addition, the committee will further specify the qualifications required for each subsidiary's CEO and establish detailed evaluation criteria for reviewing subsidiary CEO candidates.
Meanwhile, with the merger of Shinhan Asset Trust and Shinhan REITs Management in mind, the committee newly recommended Lim Hyun-woo, president of Shinhan REITs Management, as a candidate for CEO of the combined entity. The integration is aimed at launching the combined company in January next year.
Lim has served as president of Shinhan REITs Management since January last year. Shinhan Financial Group said he is expected to play a leading role in ensuring a smooth integration of the two companies and proactively developing strategies to strengthen the competitiveness of the group's real estate business value chain.
A committee official said, "As the terms of the CEOs of 12 subsidiaries expire this year, we will conduct in-depth reviews of the succession candidate pool and narrow it down. We will do our utmost to contribute to enhancing shareholder value by operating a transparent and fair management succession process."
The committee will review the candidate pool according to plans established in advance for each round. The final recommended candidates will undergo review by each subsidiary's Executive Candidate Recommendation Committee and begin their terms in January next year.
[email protected] Seo Ji-yoon Reporter