Shinhan Financial Group’s Board of Directors (BOD) held a Roundtable meeting with Korean and foreign institutional investors at the headquarters of Shinhan Investment & Securities in Yeouido, Seoul on Sept. 26, the company announced on Sept. 27.
The BOD’s Roundtable meeting was intended to actively exchange opinions with major shareholders to build consensus and trust with them. It is regularly held every year.
The event was attended by those from about 50 Korean and foreign institutional investors through face-to-face and video meetings. Shinhan Financial Group was represented by seven independent directors, Chairman Jin Ok-dong and Shinhan Bank President Jung Sang-hyuk.
The institutional investors in attendance showed a big interest in a recently announced corporate value enhancement plan, and asked about the role of the BOD in formulating and implementing the plan and specific implementation measures.
The BOD responded that it has reset the group’s medium-term financial goals, which were disclosed to the market in Aug. 22, in line with the trend of strengthening regulations.
It added that it will monitor the achievement of the goals more closely by establishing specific action plans, such as establishing an evaluation and compensation system linked to corporate value enhancement goals.
In response to a question about initiatives to strengthen internal control, the BOD emphasized that Shinhan Bank recently submitted the first accountability structure chart in the Korean banking industry, and that the holding company is also rushing to submit it early as true corporate value enhancement must be accompanied by strong internal control.
According to the BOD, it is essential to enhance trust through customer-centered management.
Therefore, the BOD said that it will order the management to provide strong support to prevent financial accidents, apart from financial fundamentals.
Shinhan Financial Group’s efforts to strengthen internal control which have been led by the group’s BOD include the creation and submission of a responsibility structure picture, the establishment of a common risk management system for the group, the reorganization of the consumer protection division, and the establishment of a customer asset risk management system. Based on them, it will continue to strengthen internal control and consumer protection.
“The BOD will do everything it can do to ensure the sustainable growth of the Shinhan Financial Group and the proper evaluation of the group’s value through transparent and responsible decision-making,” said Yoon Jae-won, chairman of the BOD.
“We were able to announce our corporate value enhancement plan in July thanks to our in-depth study of capital policies which we intensively studied and enhanced communications with various stakeholders, which we discussed in depth last year,” said Jin Ok-dong, chairman of Shinhan Financial Group.
“Shinhan Financial Group will further advance constructive dialogs at this roundtable to lead to proactive and leading corporate value enhancement.”
Joint Marketing for Korean Travelers to Dubai
Shinhan Financial Group announced on Sept. 25 that it signed a business agreement with the Dubai Department of Economy and Tourism for joint marketing for Korean travelers to the Middle East kingdom at the Shinhan Card headquarters in Seoul on Sept. 23.
The business agreement is aimed at promoting marketing for Korean travelers in Dubai with the Dubai Department of Economy and Tourism, and will continue to discuss specific joint marketing in areas such as tourist attractions, accommodation, shopping and dining based on Shinhan SuperSOL services.
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