Shinhan Financial Group Begins Succession Process for Subsidiary CEOs, Including Bank
ECRC’s Authority to Recommend Candidate Pools Granted to Bank's ECRC
Expanded Role for the ECRC
"Transparency and Fairness Enhanced"
Shinhan Financial Group has initiated its succession process to recommend candidates for subsidiary CEO positions whose terms expire at the end of this year.
The Shinhan Financial Group Subsidiary CEO Candidate Recommendation Committee (SCNRC) announced this following a meeting held on the 21st.
The SCNRC also discussed improvement measures to expand the role of the Subsidiary Executive Candidate Recommendation Committee (ECRC). As a result, the ECRC for the bank will now be given broader authority, including sharing information on the pool of succession candidates for subsidiaries and the authority to recommend candidates. Additionally, the eligibility requirements for subsidiary CEOs will be specified in more detail, and new evaluation criteria will be established for reviewing candidates.
The SCNRC will proceed with the review of candidate pools in accordance with its pre-established, session-by-session plan. The final recommended candidates will be reviewed by each subsidiary's ECRC, with their terms set to begin in January of next year.
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Meanwhile, at today’s meeting, the SCNRC also considered the planned integration of Shinhan Asset Trust and Shinhan REITs Management, with the merger set to launch in January of next year. The committee newly recommended Hyunwoo Lim, President of Shinhan REITs Management, as the candidate for CEO of the consolidated entity. A Shinhan Financial Group representative stated, "President Lim possesses in-depth expertise and extensive experience in both the real estate sector and the broader financial industry. He has been serving as president of Shinhan REITs Management since January last year. He is expected to play a leading role in smoothly advancing the integration of the two companies and proactively developing strategies to strengthen the group’s real estate business value chain competitiveness."
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