Value context and insight. lkm@koreatimes.co.kr
World's top 2 proxy advisers show support for KB's new chairman
Yang Jong-hee / Yonhap
By Lee Kyung-min
Institutional Shareholder Services (ISS) and Glass Lewis, the world’s two leading proxy advisories, have recommended that investors approve the appointment of Yang Jong-hee as the new chair of KB Financial Group, according to market watchers, Monday.
The recommendation is expected to be endorsed by the financial group’s foreign shareholders during a shareholders meeting on Nov. 17. Whether the National Pension Service (NPS) will follow suit remains to be seen. The state-run pension fund operator is the largest shareholder of the group with a stake of 8.74 percent. Over 70 percent of global investors take into account the advisories’ opinions.
Yang was recommended to succeed Yoon Jong-kyoo by the group’s recommendation committee, Sept. 8. He pledged at the time to place top priority on enhanced credit risk management and normalization of KB Bukopin, KB Kookmin Bank’s Indonesia branch, as well as tightening of organizational management in times of transition.
He is widely considered an expert in finance, backed by years of deep involvement in KB Financial’s core businesses including banking and insurance.
Yang began his career at KB in 1989 and has since served as the head of the group’s strategic planning division and as vice president.
He was appointed to head KB Insurance in March 2016 and served two consecutive terms through December of 2020.
Yang then began a stint as vice chairman in charge of the group’s insurance and global business in January 2021.
His work expanded to include individual customer, asset and pensions management.
Founded in 1985, ISS empowers investors and companies to build long-term and sustainable growth by providing high-quality data, analytics and insights, according to the advisory.
ISS is a globally leading provider of corporate governance and responsible investment solutions, market intelligence, fund services and events and editorial content for institutional investors and corporations.
It has 3,000 employees worldwide at 25 locations in 15 countries. Its 3,400 clients include many of the world’s leading institutional investors, as well as public companies focused on environmental, social and corporate governance (ESG), and governance risk mitigation as a shareholder value-enhancing measure.
Glass Lewis has over 1,300 investors globally including the majority of the world’s largest pension plans, mutual funds and asset managers. It covers more than 30,000 meetings each year across approximately 100 global markets. It has about 380 employees worldwide, about half of whom are dedicated to research.