The financial authorities are delaying the announcement of measures to advance the governance of financial holding companies to the end of this month. Financial holding companies, which feared that the timing of the announcement could affect the submission of the plan as an agenda item at shareholders' meetings, breathed a sigh of relief.
According to the financial authorities on the 17th, the Financial Services Commission plans to announce the plan to advance the governance of financial holding companies as early as the last week of this month. An official at the financial authorities said, "There are some parts to supplement, so we won't be able to announce the plan to advance this week," adding, "The announcement is likely to be pushed back to the end of this month."
The financial authorities had originally planned on the 12th to announce a plan to advance governance that would restrict financial holding company chairmen from extending their own terms and strengthen the board's function of checking management. Under the Commercial Act, shareholders' meeting agendas must be finalized two weeks in advance, so if the financial authorities had announced the plan to advance that day, financial holding companies holding shareholders' meetings on or after the 26th could convene board meetings to change the agendas.
Financial holding companies will hold regular shareholders' meetings with Woori Financial Group on the 23rd, Hana Financial Group on the 24th, KB Financial and Shinhan Financial Group on the 26th, and BNK Financial Group on the 27th. The financial authorities said they are not considering having this year's shareholders' meeting agendas reflect the plan to advance, but some financial holding companies were feeling considerable pressure over the timing of the announcement.
An official at a financial holding company said, "If it were announced on the 12th, there were internal concerns about whether we would have to convene an emergency board meeting to reflect some of the plan to advance in the shareholders' meeting agenda."
Financial holding companies such as Shinhan, Woori and BNK that placed chair reappointment items on the agenda are said to have paid close attention to the timing and content of the plan to advance. Even if the plan to advance is not reflected in the shareholders' meeting agenda, it could affect shareholders. With the announcement pushed to the end of this month, major items such as chair reappointments are expected to pass the shareholders' meetings without much difficulty.
The Financial Services Commission (FSC) explained the delay in the announcement timing as "to reschedule meetings with financial holding companies," but is keeping quiet about specific reasons. In government circles, there is also talk of differences between the presidential office and the financial authorities.