Committee Recommends Jin Ok-dong as Chmn. Candidate at Shinhan Financial Group

Shinhan Bank President Jin Ok-dong is tapped as the next chairman of Shinhan Financial Group. (Photos: Shinhan Bank)

The Shinhan Financial Group Chairman Candidate Recommendation Committee held a meeting at the headquarters located in Taepyeong-ro, Jung-gu, Seoul on Dec. 8 and tapped candidate Jin Ok-dong as the sole candidate for the next CEO job at Shinhan.

Since the beginning of November, the Committee has been condensing candidates through several meetings.

At the latest meeting, management performance, capabilities, and qualifications of the condensed candidates were comprehensively verified, and the results of the reputation inquiry by external professional organizations were reviewed. After the review, an in-depth interview was conducted with the candidates.

In-depth interviews and voting to select the final candidates were conducted in the form of an expanded meeting of the Shinhan Financial Group Chairman Candidate Recommendation Committee, in which all outside directors participated.

As a result of a vote, Jin Ok-dong, CEO of Shinhan Bank, was unanimously selected as the candidate for the next three-year term as CEO.

The main reason for recommending Jin Ok-dong is that he has the insight, organizational management capabilities, and judgement required as the CEO based on experience and expertise accumulated while serving as the head of SBJ Bank, vice president of Shinhan Financial Group, and president of Shinhan Bank.

While serving as the president of Shinhan Bank for the past four years, Jin solidified Shinhan as a leading bank and laid the foundation for the bank’s steady stellar business performances, and demonstrated excellent risk management capabilities even in the face of the COVID-19 crisis.

In addition, the committee explained that candidate Jin is the right person to respond flexibly to an uncertain future ahead of Shinhan Financial Group, to consolidate the group’s status, and to demonstrate global expansion and performance creation by possessing leadership that can accumulate and combine internal and external capabilities.

Jin will be confirmed as a CEO candidate through a deliberation and a resolution on the adequacy of the candidate recommendation at a meeting of the board of directors held after the committee meeting on Dec. 8.

After approval in a general shareholders meeting and by the board of director, Jin becomes take office as chairman.

On Dec. 1, Shinhan Financial Group holds a volunteer activity to make Hope Packages for children at local children’s centers at Café Swith SOL located in Myeong-dong.

In the meantime, Shinhan Financial Group announced on Dec. 2 that Chairman Cho Yong-byoung and CEOs of group affiliates conducted volunteer activities to make Hope Packages for children at local children’s welfare centers at Café Swith SOL in Myeong-dong, Seoul on Dec. 1.

On this day, Chairman Cho and about 50 executives and staff members held an event to personally make “hope” packages containing nutritional supplements, hand warmers that double as auxiliary batteries, lap blankets, and various school supplies so that children at local children’s centers will be able to stay healthy amid the cold winter.

In addition, a total of 100 million won was donated to “Save the Children,” a non-profit organization for children in need of the delivery of 700 bundles of hope sets.

Since 2019, Shinhan Financial Group employees have been carrying out volunteer activities for children under the theme of “Creating a Bright Future.”

They are practicing compassionate finance through sharing activities for children waiting for adoption at temporary shelters for infants, the delivery of solar lanterns for children in Africa, and support for Korean language education for children from multicultural families.

“We made Packages of Hope contains Shinhan Financial Group’s heart for helping children to grow warm and healthy in cold winter,” Cho said.

“We will take the lead in making our society healthy and bright by steadily carrying out social contribution activities as a sincere corporate citizen.”

Shinhan Financial Group, along with the social cooperative Sweet, opened “Café Swith SOL” where this volunteer activity was conducted to expand opportunities for social participation and support the underprivileged self-reliance in October.

The café is creating a virtuous cycle of sharing by hiring a barista with hearing impairment.