|KB Financial Group Chairman Yoon Jong-kyoo|
By Kim Bo-eun
Yoon Jong-kyoo is solidifying leadership of KB Financial Group, after shareholders approved him to continue the current job for a third term.
Yoon became the financial group's chairman in November 2014 and served two terms, the second of which ends today. His third term will run through November 2023.
An extension for KB Kookmin Bank CEO Hur Yin's term was also approved at the meeting.
Hur took his position in November 2017. His first term lasted two years followed by another one-year term that ends today. His next term will last for a year, running through 2021.
Two candidates for outside director positions forwarded by KB employees, however, did not get the votes they needed to take the positions.
Yoon is seen to have secured a third term based on the achievements the group has made under his leadership.
KB has taken digital innovation initiatives and is expanding its non-banking sector to reduce reliance on the group's flagship bank.
This year, KB acquired Prudential Life Insurance Company of Korea, strengthening its life insurance unit.
The group has also expanded its overseas presence in recent years, an area in which KB has lagged behind other financial groups. In April, KB took over Cambodia's top microfinance deposit-taking institution, Prasac Microfinance.
KB has also led efforts to better align itself to environmental, social and corporate governance (ESG) values. In September, it became the first local financial group to declare it would phase out coal-related investments.
"I will lead the innovation of KB's business model based on core capabilities, innovate KB's financial platform to enable convenient experience by customers, expand the group's overseas presence to secure new growth engines, and solidify ESG management to create social value and lead the group's evolution into a creative and open organization," Yoon said at the meeting.