Woori Financial Advances Corporate Governance Through Outside Director Training

Woori Financial Group (Chairman Lim Jong-ryong) announced on the 13th that it signed an MOU for bank sector governance advancement with the Financial Supervisory Service, Korea Finance Institute, and Korea Federation of Banks. The MOU ceremony held at Korea Finance Institute Samcheong-dong main building was attended by Woori Financial Group Chairman Lim Jong-ryong, Financial Supervisory Service Director Lee Bok-hyeon, Korea Finance Institute President Lee Jun-su, Korea Federation of Banks Chairman Jo Yong-byung, and other key officials. Under the governance advancement framework: all outside directors of Woori Financial Group subsidiaries will receive mandatory annual training; new outside directors receive onboarding education covering banking regulation, governance best practices, and fiduciary responsibilities; training content is developed in partnership with the Financial Supervisory Service and Korea Finance Institute to ensure regulatory alignment. The banking governance significance: Korean banks have faced criticism for insufficient board independence and outside director effectiveness; the regulatory push for governance advancement reflects FSS concern about accountability structures for AI adoption, ESG commitments, and strategic risk management; outside directors with robust training are better equipped to provide meaningful oversight of management proposals and challenge strategic decisions that may conflict with stakeholder interests.