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Financial firms brace for shareholders meeting

Financial firms brace for shareholders meeting
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Korean banking groups at risk of losing governance autonomy

Korean banking groups at risk of losing governance autonomy Posted : 2021-02-19 08:45 By Lee Min-hyung Financial holding firms here will have less and less leeway in setting key agendas, as their largest shareholder ― the National Pension Service (NPS) ― is on track to widen its influence on their top management. The NPS is the largest shareholder of the nation s top four financial firms ― KB, Shinhan, Hana and Woori ― according to the latest data. The pension fund obtained more than 9 percent stakes in each of the companies as of the end of September 2020. This figure is slightly below the legal limit of 10 percent. Under the local financial law, a single investor cannot purchase more than a 10 percent stake in a single financial holding firm.

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