ISS backs Lee Jae-keun's appointment as KB Financial chairman

Institutional Shareholder Services (ISS) has recommended that shareholders vote in favor of appointing Lee Jae-keun as chairman of KB Financial Group. In its voting recommendations report obtained by The Korea Times, Sunday, the world's largest proxy advisory firm said "a vote for this resolution is warranted given the absence of any known issues concerning the nominee and the company's board dynamics." ISS also noted that KB Financial Group maintains good disclosure practices regarding committee meetings, voluntarily providing attendance records to help shareholders better assess directors' effectiveness and contributions. Most companies in Korea follow a disclosure template provided by the Korea Exchange that does not require companies to disclose committee meeting attendance records. As a result, it is common for companies to omit such information from regulatory filings, ISS added. The recommendation comes ahead of KB Financial Group's extraordinary shareholders' meeting on Nov. 20, when shareholders will vote on Lee's appointment as group chairman. If appointed, Lee will lead the gr