ISS backs Lee Jae-keun's appointment as KB Financial chairman

Institutional Shareholder Services recommended that shareholders approve Lee Jae-keun as KB Financial Group chairman ahead of the extraordinary shareholders’ meeting in Seoul on Nov. 20. ISS cited the absence of known concerns about Lee and the board, and praised the group’s disclosure of committee meeting attendance. If appointed, Lee would serve a three-year term through November 2029. The recommendation may carry weight because foreign investors held 78.24 percent of KB Financial shares as of Friday.

ISS said KB Financial voluntarily provides committee attendance records, although the Korea Exchange disclosure template does not require companies to report them.

Foreign institutional investors often rely on ISS recommendations when deciding how to vote at shareholder meetings.

Lee has held senior roles in finance, strategy, global operations and wealth management during more than three decades at KB.

Lee became the industry’s youngest bank chief in 2022 and has overseen KB Financial’s global, wealth management and small and medium-sized enterprise activities since last year.

The leadership change came as financial authorities pursued governance reforms to curb prolonged chairmanships at financial holding companies and improve succession transparency.

Published Nov 1, 2026 4:00 pm KST

KB Financial Group Vice Chairman Lee Jae-keun, nominated as the group’s next chairman, speaks to reporters in the lobby of the group’s headquarters in Yeouido, Seoul, Sept. 14. Yonhap

Institutional Shareholder Services (ISS) has recommended that shareholders vote in favor of appointing Lee Jae-keun as chairman of KB Financial Group.

In its voting recommendations report obtained by The Korea Times, Sunday, the world's largest proxy advisory firm said "a vote for this resolution is warranted given the absence of any known issues concerning the nominee and the company's board dynamics."

ISS also noted that KB Financial Group maintains good disclosure practices regarding committee meetings, voluntarily providing attendance records to help shareholders better assess directors' effectiveness and contributions.

Most companies in Korea follow a disclosure template provided by the Korea Exchange that does not require companies to disclose committee meeting attendance records. As a result, it is common for companies to omit such information from regulatory filings, ISS added.

The recommendation comes ahead of KB Financial Group's extraordinary shareholders' meeting on Nov. 20, when shareholders will vote on Lee's appointment as group chairman. If appointed, Lee will lead the group for a three-year term until November 2029.

The endorsement could prove particularly influential, as KB Financial Group has the highest foreign ownership ratio among Korea's major financial holding companies. Many foreign institutional investors rely on ISS when making voting decisions.

As of Friday, foreign investors held 78.24 percent of KB Financial Group's shares.

Lee is a KB veteran who has held senior roles spanning finance, strategy, global operations and wealth management over more than three decades. He became the industry's youngest bank chief in 2022. Since last year, he has overseen the group's global, wealth management and small and medium-sized enterprise activities.

Lee's selection, however, came as a surprise to many industry observers, as KB Financial Group had been posting record earnings under incumbent Chairman Yang Jong-hee.

The leadership change comes as financial authorities pursue governance reforms aimed at curbing prolonged tenures among financial holding company chairmen and improving transparency in succession procedures.

KB Financial cans incumbent chairman to tap deputy as new leader

Who is Lee Jae-keun?

机构股东服务公司（ISS）建议股东在11月20日于首尔举行的KB金融集团特别股东大会前批准李在根担任董事长。ISS指出，目前没有已知的关于李在根及其董事会的负面消息，并赞扬了该集团对委员会会议出席情况的公开披露。如果获得任命，李在根的任期将持续三年，至2029年11月。由于截至上周五，外国投资者持有KB金融集团78.24%的股份，因此该建议可能具有一定的影响力。

ISS表示，KB Financial自愿提供委员会出席记录，尽管韩国交易所的披露模板并未要求公司报告这些记录。

外国机构投资者在决定股东大会上的投票方式时，通常会参考ISS的建议。

Lee 在 KB 工作超过三十年，曾担任财务、战略、全球运营和财富管理等高级职务。

李在 2022 年成为业内最年轻的银行首席执行官，自去年以来一直负责 KB Financial 的全球财富管理以及中小企业业务。

此次领导层更迭正值金融监管机构推行治理改革，以遏制金融控股公司董事长任期过长并提高继任透明度之际。

发布于2026年11月1日下午4:00（韩国标准时间）

9月14日，KB金融集团副会长李在根在首尔汝矣岛集团总部大厅接受记者采访，他已被提名为该集团下一任会长。（韩联社）

机构股东服务公司（ISS）建议股东投票赞成任命李在根为KB金融集团董事长。

据《韩国时报》周日获得的一份投票建议报告显示，全球最大的代理咨询公司表示，“鉴于目前没有关于被提名人和公司董事会动态的任何已知问题，因此有必要对该决议进行投票。”

ISS 还指出，KB Financial Group 在委员会会议方面保持着良好的信息披露做法，自愿提供出席记录，以帮助股东更好地评估董事的效率和贡献。

韩国大多数公司都遵循韩国交易所提供的披露模板，该模板并不要求公司披露委员会会议出席记录。因此，ISS补充说，公司在监管文件中省略此类信息的情况很常见。

在KB金融集团11月20日召开的特别股东大会前夕，股东们将投票表决李某担任集团董事长的任命。如果获得任命，李某将领导该集团三年，任期至2029年11月。

这份背书可能极具影响力，因为KB金融集团是韩国主要金融控股公司中外资持股比例最高的。许多外国机构投资者在做出投票决定时都会参考ISS的评级。

截至周五，外国投资者持有KB金融集团78.24%的股份。

李先生是KB银行的资深员工，在财务、战略、全球运营和财富管理等领域担任过多个高级职务，从业超过三十年。他于2022年成为业内最年轻的银行首席执行官。自去年以来，他一直负责集团的全球业务、财富管理以及中小企业业务。

然而，李的当选令许多业内观察人士感到意外，因为在现任董事长杨钟熙的领导下，KB金融集团的盈利一直创下历史新高。

此次领导层更迭正值金融监管机构推行治理改革之际，旨在遏制金融控股公司董事长任期过长，并提高继任程序的透明度。

KB Financial 撤换现任董事长，任命副董事长为新领导人。

李在根是谁？