Shinhan Financial overhauls director appointments, unveils AI internal-control platform

  • Shinhan Financial revised independent-director selection principles to prioritize financial-industry experience.
  • Park Jong-bok joined in March after 10 years leading Standard Chartered Bank Korea.
  • Shinhan built its group-wide AI internal-control platform in June, first in the industry.

Shinhan Financial Group held its annual Board Roundtable on the 27th at the Grand Hyatt Seoul in Yongsan District and announced the discussions on the 30th. About 50 domestic and overseas institutional investors examined the group’s medium- to long-term plans for raising corporate value, shareholder returns, and board and management evaluation and compensation systems. Chairman Jin Ok-dong, Board Chairman Kwak Soo-keun, six independent directors and other senior executives attended. Shinhan said it revised its independent-director selection principles this year to increase the number of candidates with substantive financial-industry experience. The group plans to narrow its candidate pool through a Board Skills Matrix, an approach reflected in the March appointment of Park Jong-bok, who served as chief executive of Standard Chartered Bank Korea for 10 years. Shinhan also said it built a group-wide AI-based internal control platform in June, becoming the first in the industry to do so. The platform supports business units in meeting their oversight duties, while the group internal control committee can require improvements when deficiencies are identified. The measures are part of Shinhan’s broader governance and corporate-value enhancement efforts, including the Value-Up 2.0 plan announced in April after investor consultations.

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