Shinhan and Woori Financial Groups appoint female outside directors

Professor Kim Jo-seol, left, and attorney Song Soo-young

By Anna J. Park

In a move to increase gender diversity in Korea's financial institutions, Shinhan and Woori Financial Groups, Korea's major financial giants, have each tapped female outside directors this week.

Shinhan Financial Group appointed Kim Jo-seol, an economics professor at the Osaka University of Commerce, while Woori Financial Group appointed Song Soo-young, a partner at law firm Shin & Kim, whose main legal practice areas include environmental, social and corporate governance (ESG), as well as capital market law.

Shinhan said earlier this week that it had recommended Kim as one of the financial group's independent directors. The group's recommendation committee said that Kim holds global recognition and expertise in the studies of economics, human rights and social welfare, especially in the Northeast Asian region. With her appointment, Shinhan's board will now have two female independent directors out of its 12 independent director positions.

Woori Financial Group also recommended attorney Song, who is a partner at law firm Shin & Kim, as an independent director, with a two-year term of office. Song worked as a research analyst at Samsung Securities before she was admitted to the bar in 2007. She is regarded as an expert in ESG-related legal advisory, cross-border financial deals and the financial investment sector.

“The group considered various factors in its recommendation of the new independent director, such as gender diversity, ESG elements and legal expertise, in order to strengthen the board's collective power and expertise in its mission,” a Woori official said.