Shinhan Financial Group’s shareholders have approved a second three-year term for Chairman and CEO Jin Ok-dong, signaling a continued focus on enhancing shareholder returns and expanding its global footprint. The decision was made at the annual general shareholders meeting held on Thursday.
Jin’s reappointment was widely anticipated after the executive nomination committee named him as the sole candidate, recognizing his successful first term. Key achievements included improved profitability, strengthened financial soundness, increased shareholder returns, and enhanced overall governance.
Under Jin’s leadership, Shinhan Financial Group has solidified its position as Korea’s second-largest financial institution and extended its lead in international operations. Last year, Shinhan became the first Korean banking group to surpass 1 trillion won ($663.9 million) in pretax profits from its global ventures, surpassing competitors who have faced challenges in achieving profitability abroad.
The group has also strengthened its capital ratios and achieved its 50 percent shareholder return target ahead of schedule last year, demonstrating a commitment to robust capital management and increased shareholder payouts.
During the annual meeting, shareholders also approved the appointment of two new outside directors: Park Jong-bok, former CEO of Standard Chartered Bank Korea, and Lim Seung-yeon, a management professor at Kookmin University. Additionally, five incumbent outside directors were reappointed.
A key decision involved the approval of a capital reserve reduction, aimed at freeing up additional resources to boost shareholder returns. The 9.87 trillion won will be transferred to retained earnings and allocated to support future dividend distributions. Dividends funded through capital reserve reductions benefit from an exemption from the 15.4 percent dividend income tax.
Following his reappointment, Jin addressed the shareholders, pledging to accelerate the development of businesses crucial to Shinhan’s future competitiveness. This includes investments in artificial intelligence and digital assets, while simultaneously strengthening the group’s core franchises in wealth management and global operations.
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