Institutional Shareholder Services (ISS), the world’s largest voting advisory firm, opposed the appointment of an outside director candidate recommended by the labor union of KB Financial Group.
ISS is a voting advisory organization that analyzes the agenda of corporate shareholders’ meetings and presents guidelines (guidelines) for exercising voting rights for global investors.
According to the financial industry on the 13th, in a recent report related to KB Financial Group, ISS recommended that shareholders cast a negative vote on the agenda of the 6th general meeting of shareholders to be held on the 25th (Kim Young-soo appointment of outside director).
On the 9th, the union council of KB Financial Group delivered a shareholder proposal and power of attorney recommending Kim Young-soo, former vice president of Export-Import Bank, who served as an executive director of Korea Overseas Investment Infrastructure and Urban Development Resources Corporation, to the secretariat of KB Financial Group’s board of directors on the 9th.
As opposed to the ISS, the proposal for appointment of Kim Young-soo as an outside director seems to have difficulty in gaining sufficient votes in favor. This is because foreign investors who hold 70% or more of KB Financial Group are highly likely to be affected by the ISS advisory opinion.
In 2017, 2018, and 2020, ISS also opposed outside directors recommended by the KB Financial Union or the employee stock ownership association.
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