NPS draws attention as votes on reappointments of Shinhan, Woori chairmen loom

The headquarters of the National Pension Service in Jeonju, North Jeolla Province / Yonhap

The National Pension Service (NPS) is drawing attention over whether it will actively exercise its voting rights on corporate governance at shareholder meetings of financial holding companies later this month, market observers said Tuesday.

The state-run pension fund operator is particularly under the spotlight regarding its stance on the reappointments of two chairmen — Jin Ok-dong of Shinhan Financial Group and Yim Jong-yong of Woori Financial Group.

As a major shareholder of multiple listed firms, the NPS has long faced expectations from financial authorities to address corporate governance and other transparency-related agendas set by the government.

This year, those expectations are heightened following President Lee Jae Myung’s criticism of management at financial holding companies a “corrupt inner circle.”

The criticism was made in December 2025, when the president cited a lack of transparency in the CEO selection process, including extended or rotating tenures.

Jin Ok-dong, left, and Yim Jong-yong, chairmen of Shinhan Financial Group and Woori Financial Group, respectively / Yonhap

At Shinhan and Woori, Jin and Yim will complete their first three-year terms at the end of March and have effectively secured second terms after board approval in December 2025.

While formal confirmation of their reappointments will be made at shareholders' meetings, the process is widely seen as little more than a rubber stamp.

“Under these circumstances, the NPS will be urged to speak up and play a decisive role by capitalizing on its stake concerning corporate governance at financial holding companies,” said Jung Eui-jung, head of the Korean Stockholders’ Alliance.

Jung pointed out that the NPS is the largest stakeholder of the top three financial groups — holding 8.84 percent of KB, 9.03 percent of Shinhan and 8.66 percent of Hana.

The NPS is also a major shareholder in fourth-ranked Woori, holding 6.78 percent, above the 5 percent threshold.

KB is scheduled to hold its shareholders meeting on March 26, Shinhan on March 25, Hana on March 24, and Woori on March 23.

Lee Hyo-seok, a stock analyst-turned-YouTuber, said that financial authorities want the NPS and other government-affiliated institutional investors to take the lead in improving corporate governance, rather than the authorities enforcing it themselves.

“This is why attention is increasingly focused on the NPS in exercising its voting rights, including opposing the appointment of CEOs and outside directors, requesting the dismissal of executives involved in illegal acts, or voting against dividend proposals,” Lee said.