Board of Directors
IBK’s Board of Directors (BoD) consists of a total of five members. These included the Chairman & CEO, Deputy CEO & Senior Executive Vice President, and three outside directors.
The Chairman & CEO oversees IBK’s business operations and is appointed by the President of the Republic of Korea on the recommendation of the chairman of the Financial Services Commission (FSC). The Deputy CEO is appointed by the FSC on the recommendation of the CEO and serves a three-year term. The external directors, who make up the majority of the BoD, are also appointed by the FSC on the recommendation of the CEO based on their expertise and experience in management, economics, and SMEs.
Major Activities of the Board of Directors
The BoD has the authority to make decisions on important issues pertaining to business activities at IBK. The Board of Directors deliberates and resolves the bank’s business plan, budget, and basic risk management plan every year. It deliberates and resolves appointments and dismissals of compliance officers, risk management officers, and major business executives according to the Act-On Corporate Governance Of Financial Companies, and has committees within the Board of Directors to ensure efficient Board operation and conditions that are conducive to activation of its functions.
IBK will strive to enhance its governance structure further through BoD activities. The BoD will support management efforts to spearhead open and transparent business practices, foster constructive relationships with all stakeholders, and establish an advanced governance structure.
Committees of the Board of Directors
There are three committees under the BoD, namely the Governance Committee, Management Compensation Committee, and Risk Management Committee. The Management Compensation Committee is formed entirely of outside directors while the Risk Management Committee is chaired by an outside director to ensure autonomy.
The Governance Committee is headed by the Chairman & CEO and consists of no more than five internal and outside directors. It is responsible for reviewing measures to improve the efficiency and functionality of the BoD and its committees. The Governance Committee is also in charge of communicating with and collecting opinions from stakeholders to raise shareholder value and protect stakeholders’ interests. It suggests outside director candidates to the Chairman & CEO, who subsequently recommends candidates for nomination by the Financial Services Commission. The Committee also appoints executive officers based on the Chairman & CEO’s recommendations and deliberates on other issues deemed necessary by the BoD.
Management Compensation Committee
The Management Compensation Committee, comprising three outside directors, is responsible for overseeing remuneration for executive officers and investment personnel, executives’ performance evaluations and benefits as well as other issues deemed necessary by the BoD.
Risk Management Committee
The Risk Management Committee consists of three internal and outside directors and is chaired by an outside director appointed by the BoD. Its role is to oversee all risks that may arise in the course of the bank’s operations.
It is responsible for the establishment and approval of risk management policies to maintain capital soundness at IBK.
The ESG Committee consists of the Deputy CEO and three outside directors. Chaired by an outside director who is appointed by the BoD, the Committee reviews the bank’s strategic directions of ESG management. Its role is to control the bank’s ESG management such as monitoring the performance.
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