Authorities propose 75% shareholder approval threshold for financial chiefs seeking 3rd terms

The Financial Services Commission proposed in Seoul on Monday a graduated approval system for financial holding company chiefs seeking reappointment, including a 75 percent shareholder-vote threshold for a third consecutive term. The proposal would also require support from holders of at least half of all issued shares for a third term. The plan remains subject to government-ruling party consultations and legal revisions, and its effective date and coverage are unclear. It replaces an earlier option of legally banning third consecutive terms.

For an initial appointment, at least two-thirds of nomination committee members would have to approve a candidate, followed by majority shareholder support representing at least 25 percent of all issued shares.

For a second term, at least three-quarters of nomination committee members would have to support reappointment, while shareholder approval would require two-thirds of voting rights represented at the meeting and support from holders of at least one-third of issued shares.

The proposed changes would require revisions to relevant laws, including the Act on Corporate Governance of Financial Companies.

Shinhan Financial Group Chairman Jin Ok-dong, Woori Financial Group Chairman Yim Jong-ryong and BNK Financial Group Chairman Bin Dae-in secured reappointments in March, extending their terms through March 2029.

KB Financial Group shareholders are scheduled to vote on Lee Jae-keun’s appointment as chairman at an extraordinary meeting on Nov. 20; if approved, he would serve through November 2029.

Published Nov 3, 2026 4:07 pm KST

Employees are seen in the corridor of the Financial Services Commission at Government Complex Seoul, Sept. 9, 2025. Korea Times photo by Hong In-ki

Financial holding company chiefs seeking a third consecutive term would need approval from at least 75 percent of voting rights represented at a shareholders' meeting under a proposed reform plan aimed at tightening oversight of financial companies, according to government sources, Tuesday.

The Financial Services Commission (FSC) briefed lawmakers from the ruling Democratic Party of Korea on the proposal on Monday. The plan aims to gradually tighten approval requirements for financial group chiefs seeking reappointment.

For an initial appointment, at least two-thirds of the nomination committee members would have to approve the candidate. The candidate would then need a majority of votes at the shareholders' meeting, and those votes must represent at least 25 percent of all shares issued by the company.

The requirements would become stricter to secure a second term.

At least three-quarters of the nomination committee members would have to back the candidate's reappointment, while shareholder approval would require at least two-thirds of voting rights represented at the meeting and support from holders of at least one-third of all issued shares.

For a third consecutive term, the nomination committee threshold would remain at 75 percent, but the shareholder approval requirements would rise further. The candidate would need support from at least three-quarters of voting rights represented at the meeting, with supporting votes accounting for at least half of all issued shares.

The plan will be finalized through consultations between the government and the ruling party. It would require revisions to relevant laws, including the Act on Corporate Governance of Financial Companies.

The proposal marks a shift from an earlier option reportedly considered by the FSC to legally ban financial holding company chiefs from serving a third consecutive term. The commission appears to have opted to gradually tighten approval requirements for reappointments rather than a legal ban.

The proposed changes come as the Lee Jae Myung administration seeks to tighten oversight of governance at financial holding companies.

Lee has repeatedly raised concerns about prolonged leadership tenures, criticizing their leadership structures as a "corrupt inner circle."

However, it remains unclear when the new rules would take effect and which financial holding companies and appointments would be subject to them, as the proposal has yet to be finalized.

Shinhan Financial Group Chairman Jin Ok-dong, Woori Financial Group Chairman Yim Jong-ryong and BNK Financial Group Chairman Bin Dae-in secured reappointments at shareholder meetings in March, extending their terms through March 2029.

At KB Financial Group, shareholders are scheduled to vote on Lee Jae-keun's appointment as the group's next chairman at an extraordinary shareholders' meeting on Nov. 20. If approved, he would serve a three-year term through November 2029.

Glass Lewis supports Lee Jae-keun's appointment as KB Financial chairman

韩国金融服务委员会周一在首尔提出一项针对金融控股公司首席执行官连任的分级审批制度，其中包括第三任连任需获得75%的股东投票支持。该提案还要求第三任连任需获得至少半数已发行股份持有人的支持。该计划仍需与执政党进行磋商并进行法律修订，其生效日期和适用范围尚不明确。该方案取代了此前禁止首席执行官连任三届的立法选项。

对于初次任命，至少需要提名委员会三分之二的成员批准候选人，然后还需要代表至少 25% 已发行股份的多数股东的支持。

连任第二届，至少四分之三的提名委员会成员必须支持连任，而股东批准则需要出席会议的三分之二的投票权，以及至少三分之一已发行股份的持有者的支持。

拟议的变更将需要对相关法律进行修订，包括《金融公司公司治理法》。

新韩金融集团董事长金玉东、友利金融集团董事长任钟龙和BNK金融集团董事长闵大仁在3月份获得连任，任期延长至2029年3月。

KB金融集团股东将于11月20日召开特别股东大会，对李在根的董事长任命进行投票表决；如果获得批准，他将任职至2029年11月。

发布于2026年11月3日下午4:07（韩国标准时间）

2025年9月9日，首尔政府大楼金融服务委员会走廊内，工作人员正在工作。（韩国时报 洪仁基 摄）

据政府消息人士周二透露，根据一项旨在加强对金融公司监管的改革方案，寻求连任第三届的金融控股公司首席执行官需要获得股东大会上至少 75% 的投票权批准。

韩国金融服务委员会（FSC）周一向执政党共同民主党议员介绍了这项提案。该计划旨在逐步收紧金融集团总裁连任的审批要求。

初次任命时，至少需要提名委员会三分之二的成员批准候选人。之后，候选人还需要在股东大会上获得多数票，且这些选票必须至少占公司已发行股份总数的25%。

连任的要求将会更加严格。

至少四分之三的提名委员会成员必须支持候选人的连任，而股东批准则需要出席会议的至少三分之二的投票权，以及至少三分之一已发行股份的持有者的支持。

若候选人连任第三届，提名委员会的门槛仍为75%，但股东批准的要求将进一步提高。候选人需要获得至少四分之三出席股东大会的投票权支持，且支持票所占股份至少应占已发行股份总数的一半。

该计划将通过政府与执政党的磋商最终确定。这将需要对相关法律进行修订，包括《金融公司公司治理法》。

该提案标志着金融服务委员会（FSC）的策略发生了转变，此前据报道，FSC曾考虑过通过法律手段禁止金融控股公司首席执行官连任第三届。委员会似乎选择逐步收紧连任审批流程，而不是采取法律禁令。

李在明政府寻求加强对金融控股公司治理的监管，而此次提出的改革正是基于此。

李曾多次对领导人任期过长表示担忧，并批评其领导结构是“腐败的核心圈子”。

然而，由于该提案尚未最终确定，目前尚不清楚新规何时生效，以及哪些金融控股公司和任命将受其约束。

新韩金融集团董事长金玉东、友利金融集团董事长任钟龙和BNK金融集团董事长闵大仁在3月份的股东大会上获得连任，任期延长至2029年3月。

KB金融集团的股东们计划在11月20日召开的特别股东大会上对李在根出任集团下一任董事长的任命进行投票表决。如果获得批准，他的任期将持续三年，至2029年11月。

Glass Lewis支持李在根出任KB金融集团董事长。