Korea Institute of Finance researcher to serve as KB outside director

Lee Myong-hwal / Courtesy of KB Financial Group

Lee Myong-hwal, a senior research fellow at the Korea Institute of Finance, was recommended as a new outside director for KB Financial Group, the company said Wednesday.

The group's outside director candidate nomination committee said it recommended Lee and three incumbent independent directors — Kwon Seon-joo, Oh Gyu-taeg and Choi Jae-hong — as candidates. Following approval at the regular shareholders' meeting scheduled for March 22, Lee will start his two-year term while the other three will serve for one more year.

After building up a career at the Bank of Korea, Lee joined the Korea Institute of Finance, where he has led macroeconomic and international finance research and corporate debt research. He has also been the institute's vice president.

The committee noted that Lee is a macroeconomics expert, possessing extensive knowledge, insight and expertise in international finance markets. He has served as outside director at various financial institutions and provided advisory services at organizations like the Financial Services Commission and the Bank of Korea, contributing to risk management and suggesting new directions for developing the financial industry.

The committee, solely consisting of outside members, recommends candidates through an independent review process.

KB Financial Group said its outside director recommendation process aligns with the "best practices" on corporate governance of financial holding companies and banks, which the Financial Supervisory Service recently announced.

KB Financial Group's board of directors includes three external directors who are women, promoting gender diversity and further expansion in terms of expertise, professions and age.

"As uncertainty in the financial market persists, Lee, who is both a financial and economic expert with global expertise, will play a significant role on the board of directors alongside the existing members, contributing to diversity and professionalism," a committee member said.