Transparency Award
for Kyobo Life

In recognition of life insurer's transparent management with many outside directors

Kyobo Life Insurance Co. won the 4th Transparent Management Grand Award for the first time as a life insurer in the country at an award ceremony at Chosun Hotel hosted by the Korea Employers Federation Jan. 23.
The life insurer introduced the real-name decision maker system in the company's management since 2006. Under the system, the names of participants in the company's decision making process will be listed. The system has been considered to have improved the transparency of management leading to responsible management at the company.
The company's policy to have two-thirds of its board members to be made up with outside directors also factored in its transparent management, the company said.
The company also listed its management information and financials on its Website so that investors and customers can have information on its operation at any time, although it is not a listed company.
The contract system for clean office performance, ethical duty practice ,
and the checkup on the office duty ethical level and other ethical management practice programs operation and fair competition self practice system and regulations and others have made the company stand out in transparent management, which led the company to win the award.
Chairman Shin Chang-jae said Kyobo Life celebrates its 59th anniversary as an honest and sincere enterprise growing amidst trust of customers, and society. It will continue to do its best to win public confidence through transparent management, doing all it can for social services, satisfactory to investors and officers and staff, all those related, with its continuous growth.
Honor for Woori Financial Group:
Chairman Park Byung-won of the Woori Financial Group has been selected to join the board of directors of the Institute of International Finance Feb. 4, the group said recently.
Chairman Park has become the first Korean financial executive to become a member of the board of directors of the IIF. He was nominated unanimously to become an IIF board director at the 25th anniversary annual membership meeting held in Washington in October, last year and representatives of member countries approved the nomination in their e-mails.
IIF board of directors is made up 33 ceos of financial organizations representing key international financial markets and China, Japan, Malaysia and India each has a member of the board of directors. But Korea replaced Malaysia by the board of directors in a meeting held last year, making room for Korea to be on the board for the first time in 25 years of the IIF's history.
Woori Financial Group officials said Chairman Park will now be able to work should-to-shoulder with important financial figures in the world and will be able to his influence felt in important decisions to be made by the IIF board, solidifying the position of the Korean financial community in the international financial market.
The chairman's selection is a result of the Woori Financial Group's intense effort for its globalization and building a global financial network, making a huge contribution to the development of the financial market not only in Asia but also in the world as Korea's first financial group, which is highly appreciated by the IIF. nw

Kyobo Life Chairman Shin Chang-jae