Shinhan Financial Narrows Candidates for Next Bank President, Final Recommendation in December

Shinhan Financial Group has selected a preliminary list of candidates for the next president of Shinhan Bank and Jeju Bank. The company plans to narrow down the final candidates and make a recommendation in early December.

The Shinhan Financial Subsidiary CEO Candidate Recommendation Committee (the Committee) announced on the 28th that it has conducted deliberations for recommending candidates for subsidiary CEOs whose terms end this year.

The Committee selected a preliminary list of candidates for the presidents of Shinhan Bank and Jeju Bank, each at a scale of two to three times the size of the final candidate pool. This was done after reviewing the candidates and recommendations proposed by the Bank Executive Candidate Recommendation Committee (the Bank Committee) following its own deliberations.

Previously, the Committee began the management succession process for subsidiaries on September 21 and shared information about the succession candidates with the Bank Committee. The Bank Committee established the qualifications for the next bank president, considering the internal and external management environment and future strategic direction, and recommended candidates who possess the necessary skills and experience to the Committee.

Notably, this year, a new procedure was introduced allowing the chair of the Bank Committee to attend the Committee's final meeting. This was to explain the results of the Bank Committee's discussions and provide input on the selection of final candidates.

A Shinhan Financial board member stated, "The candidate recommendation process introduced by the Bank Committee this year will enhance the independence and accountability of subsidiary boards. We will work closely with the Committee and the Bank Committee to establish a fair and transparent management succession system."

The Committee will continue its deliberations based on the candidate evaluation criteria and the recommendations from the Bank Committee. Following in-depth interviews and evaluations of the final candidate pool, the final candidates will be selected. The recommended candidates will undergo review by each subsidiary's Committee and require approval from the board of directors and shareholders' meeting before starting their terms in January next year.