NH Nonghyup Bank Establishes Consumer Protection Committee

As financial authorities continue to emphasize consumer protection, NH Nonghyup Bank is set to establish a Consumer Protection Committee within its board of directors and begin its operations. The initiative aims to address key consumer protection issues directly at the board level while enhancing the appointment and dismissal procedures for responsible officers to ensure their independence.

On June 22, the bank announced that it plans to hold a board meeting on June 25 to review and vote on matters related to the Consumer Protection Committee.

This restructuring focuses on strengthening decision-making and oversight functions regarding consumer protection under the board's leadership, while also institutionally guaranteeing the independence and expertise of the Chief Consumer Officer (CCO).

Initially, NH Nonghyup Bank will create a subcommittee in the form of a Consumer Protection Committee through a board resolution. This committee will serve as a control tower, independently deliberating and deciding on significant consumer protection issues.

Additionally, the appointment and dismissal of the CCO will be formalized as a board decision, ensuring independence from the management team. To maintain consistency in related policies, the dismissal criteria will require a two-thirds majority vote from the board.

NH Nonghyup Bank President Kang Tae-young stated, "This restructuring reflects our commitment to prioritizing consumer protection as the foremost value in our banking operations. We aim to become the most trusted bank through customer-centric management."