Korean financial firms boost board diversity with more female directors

Korean financial giants are actively diversifying their boards, aligning with government inclusivity initiatives. Woori Financial Group is making history by adding two female members to its board, increasing its outside board size to accommodate the change. Similarly, Hana Financial Group is introducing three new outside directors, including one female, enhancing both its board’s size and female representation. This move coincides with the expansion of Hana’s internal board. Industry predictions suggest Shinhan Financial Group will also increase its female board members. KB and NongHyup Financial Groups already lead in female representation. Following upcoming shareholders’ meetings, major financial holding companies expect female board representation to rise from 24.3% to 30.7%.