The pending transformation of South Korea s banking industry thebanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thebanker.com Daily Mail and Mail on Sunday newspapers.
Korea s financial authorities called on local banks to ramp up efforts to prepare for possible crises amid the fallout from the collapses of two U.S. banks, officials said Thursday.
As the government is speeding up its moves to promote competition in the local banking industry, it plans to adopt a system of “say on pay,” through which shareholders of a firm can vote on the payment and remuneration policies for executives.
Samsung Fire & Marine Insurance nominated Park Jin-hei, former chief of Citibank Korea, as the firm s new outside director, seeking to bolster environmental, social and corporate governance (ESG) management. According to the non-life insurer s executive recommendation committee, Park will be able to help the company formulate a long-term ESG management strategy using his expertise in the area in addition to his corporate financing experience.