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The Star
6 days ago
- Business
- The Star
The evolving face of South Korea's bank governance
SEOUL: South Korea's financial giants have been working to shed their long-standing reputation for rubber-stamp governance, as diversity and boardroom expertise have visibly improved. Yet, with chief executive officers (CEOs) and legacy ties still exerting implicit power in some high-level conference rooms, the extent to which boards can hold management accountable remains in question. All four of South Korea's top financial groups now have at least two female outside directors, with women holding an average of 32% of those seats. Shinhan leads with four of nine, followed by KB with three of seven, Hana with three of nine and Woori with two of seven. Notably, the female directors are, on average, more than a decade younger than their male peers – suggesting that gender inclusion is also fostering generational renewal. Average board ages cluster between 61 and 63, with Shinhan and Woori the youngest at roughly 61.7 years old. However, none of the boards currently includes a foreign national. The last was Stuart B Solomon, a former MetLife executive who left KB in 2022. The absence is especially striking given that foreign investors now hold an average 63% stake across the four groups – more than six times the Kospi average. While not legally mandated, foreign directors are widely seen as a marker of governance transparency and stronger representation of foreign shareholders' interests. Strengthening internal oversight was the dominant theme in board appointments across Korea's top banking groups this year. Woori made the most sweeping changes, replacing four of its seven outside directors after a high-profile internal control failure led to regulatory scrutiny. It also launched an ethics and internal control committee and revamped its audit committee. New appointees include Kim Choon-soo, a compliance specialist and former head of Eugene Group's ethical management division, and Rhee Yeong-seop, a Seoul National University professor with expertise in economics and financial regulation – both expected to strengthen the group's internal controls. To support Woori's digital transformation, technology entrepreneur Kim Young-hoon, a founding member of Daou Tech, also joined the board. Still, gaps remain. Woori's board skill matrix highlights a lack of expertise in consumer protection and legal affairs – areas that need strengthening going forward. The other three groups, with more balanced skill coverage, emphasised continuity while selectively shoring up governance capabilities. Shinhan added two new directors with deep ties to Japan, preserving its long-standing alignment with the Korean-Japanese community and maintaining the share of third-generation Korean-Japanese outside directors. New appointees include Chun Myo-sang, a third-generation Korean Japanese and certified public accountant in Japan, and Yang In-jip, a Korean national with extensive professional experience in Japan, including as a tech CEO and former chair of the Korean Business Association in Japan. This enduring alignment reflects Shinhan's founding roots – established with capital from Korean Japanese investors in the 1980s – and continues to serve as a stabilising force in its maintained board stability while adding targeted expertise. New appointees include Ewha University economics professor Chah Eun-young and E-Jung Accounting CEO Kim Sun-yeop, bolstering regulatory and audit oversight. A new internal controls committee is chaired by Lee Myong-hwal, a veteran economist and policy expert. Notably, KB limits outside director terms to five years, shorter than the industry's six-year norm, underscoring its commitment to board renewal. Hana made minimal changes but focused on governance upgrades. It established an internal controls committee and added Suh Young-sook, former chief credit officer at SC Bank Korea, as its only new outside director. Though modest in scope, the move raised Hana's female director ratio and added global credit expertise. Despite formal efforts to separate management and oversight, executive influence remains entrenched. At KB and Shinhan, the CEOs of their flagship banks – Lee Hwan-ju and Jung Sang-hyuk, respectively – sit on the holding company's board as 'non-standing' directors: non-executive, non-independent, but voting members who serve on committees. — The Korea Herald/ANN
Korea Herald
22-07-2025
- Business
- Korea Herald
Checks, gaps, global voices: The evolving face of Korea's bank governance
Governance reforms gain ground amid uneven progress on diversity, independence South Korea's financial giants have been working to shed their long-standing reputation for rubber-stamp governance, as diversity and boardroom expertise have visibly improved. Yet, with CEOs and legacy ties still exerting implicit power in some high-level conference rooms, the extent to which boards can hold management accountable remains in question. All four of Korea's top financial groups now have at least two female outside directors, with women holding an average of 32 percent of those seats. Shinhan leads with four of nine, followed by KB with three of seven, Hana with three of nine and Woori with two of seven. Notably, the female directors are, on average, more than a decade younger than their male peers — suggesting that gender inclusion is also fostering generational renewal. Average board ages cluster between 61 and 63, with Shinhan and Woori the youngest at roughly 61.7 years old. However, none of the boards currently includes a foreign national. The last was Stuart B. Solomon, a former MetLife executive who left KB in 2022. The absence is especially striking given that foreign investors now hold an average 63 percent stake across the four groups — more than six times the Kospi average. While not legally mandated, foreign directors are widely seen as a marker of governance transparency and stronger representation of foreign shareholders' interests. Strengthening internal oversight was the dominant theme in board appointments across Korea's top banking groups this year. Woori made the most sweeping changes, replacing four of its seven outside directors after a high-profile internal control failure led to regulatory scrutiny. It also launched an ethics and internal control committee and revamped its audit committee. New appointees include Kim Choon-soo, a compliance specialist and former head of Eugene Group's ethical management division, and Rhee Yeong-seop, a Seoul National University professor with expertise in economics and financial regulation — both expected to strengthen the group's internal controls. To support Woori's digital transformation, tech entrepreneur Kim Young-hoon, a founding member of Daou Tech, also joined the board. Still, gaps remain. Woori's board skill matrix highlights a lack of expertise in consumer protection and legal affairs — areas that need strengthening going forward. The other three groups, with more balanced skill coverage, emphasized continuity while selectively shoring up governance capabilities. Shinhan added two new directors with deep ties to Japan, preserving its long-standing alignment with the Korean-Japanese community and maintaining the share of third-generation Korean Japanese outside directors. New appointees include Chun Myo-sang, a third-generation Korean Japanese and certified public accountant in Japan, and Yang In-jip, a Korean national with extensive professional experience in Japan, including as a tech CEO and former chair of the Korean Business Association in Japan. This enduring alignment reflects Shinhan's founding roots — established with capital from Korean Japanese investors in the 1980s — and continues to serve as a stabilizing force in its governance. KB maintained board stability while adding targeted expertise. New appointees include Ewha University economics professor Chah Eun-young and E-Jung Accounting CEO Kim Sun-yeop, bolstering regulatory and audit oversight. A new internal controls committee is chaired by Lee Myong-hwal, a veteran economist and policy expert. Notably, KB limits outside director terms to five years, shorter than the industry's six-year norm, underscoring its commitment to board renewal. Hana made minimal changes, but focused on governance upgrades. It established an internal controls committee and added Suh Young-sook, former chief credit officer at SC Bank Korea, as its only new outside director. Though modest in scope, the move raised Hana's female director ratio and added global credit expertise. Despite formal efforts to separate management and oversight, executive influence remains entrenched. At KB and Shinhan, the CEOs of their flagship banks — Lee Hwan-ju and Jung Sang-hyuk, respectively — sit on the holding company's board as 'nonstanding' directors: nonexecutive, nonindependent, but voting members who serve on committees. These positions blur the boundary between oversight and management. Hana goes further, including not only its CEO, but also two vice chairs — Lee Seung-lyul and Kang Seong-muk — on the board. In 2024, the group expanded its board to 12 members — the largest among its peers — by adding external directors to balance the increased number of internal seats. Notably, Lee remains a board member even after stepping down as Hana Bank CEO, reinforcing the view that these seats function as power bases for the group's CEO Ham Young-joo, who secured a three-year term extension in March. As foreign ownership rises, investor communication is increasingly seen as a measure of governance openness. All four groups now provide English-language disclosures, translated shareholder materials and access to electronic voting — but depth and quality still vary. Shinhan and Woori lead in outreach. From July 2024 to June this year, Shinhan held eight investor sessions involving board members, along with 24 CEO- and 43 chief financial officer-level meetings. It offers disclosures in Korean, English and Japanese and commissions third-party board evaluations. Woori conducted over 100 foreign investor meetings during the year, many attended by the CEO, signaling volume and senior-level commitment. Hana and KB focus on accessibility. Hana has held two annual investor roundtables since 2022, with full participation from outside directors. This year, it scheduled one at 10 p.m. local time to accommodate North American shareholders. KB upgraded infrastructure this year with simultaneous interpretation and livestreaming of shareholders meetings, while tailoring voting procedures for institutional and American Depositary Receipt holders. Woori, Shinhan and KB — each listed on the New York Stock Exchange — also file English-language disclosures via the US Securities and Exchange Commission, alongside Korean regulatory filings. Still, global investors see room for improvement. More frequent board engagement and clearer channels for shareholder input remain key. Amar Gill, secretary-general of the Asian Corporate Governance Association, stressed that board-level dialogue is essential not just for transparency, but to strengthen the boards themselves. 'There should at least be a designated point person on the board for foreign investors to engage with,' Gill told The Korea Herald. 'The most important part is engagement with investors at the board level, particularly from independent directors. They should be getting feedback from the market. That is how they are empowered.' He also stressed that logistical improvements around annual shareholders meetings are needed to support non-Korean shareholders. 'Two to three weeks' notice is not enough. It should be at least a month in advance. And foreign investors attending should be able to ask questions.'
Eater
25-06-2025
- Entertainment
- Eater
These Are the Biggest Closings This Month in Philly
This periodic column rounds up restaurant closures in and around Philadelphia. Catch up on more news about closures in the Philly area right here . If there's a closing in your neighborhood that we've missed, let us know at philly@ . Ardmore: Venezuelan food business Autana will be shuttering its pop-up at whiskey distillery Manatawny Still Works on Saturday, June 28. Co-owners and chefs Levi Hernandez and Maria Hernandez will still operate their ghost kitchen takeout and catering operations and their various farmers market stands. Before this pop-up series, the restaurant had served food out of Ardmore Train Station since 2020, but it closed in the fall of 2024. 49 West Lancaster Avenue Old City: Mac's Tavern — famously co-owned by a group that includes Philly-loving show It's Always Sunny in Philadelphia stars and couple Rob McElhenny and Kaitlin Olson — closed on Monday, June 23, per its Instagram account. The bar opened in 2010, with beers, pub-style food, and television screens for sports such as the soccer team Wrexham (which McElhenny also co-owns). There had been plans to expand with a second location , but that didn't seem to pan out. 226 Market Street Olney: 31-year-old Korean Japanese restaurant Seorabol is closing on Wednesday, June 25, according to Philadelphia Magazine . The publication reports that the owner, Kye Cheol Cho, is retiring, but the restaurant's Center City location, run by his son, Chris Cho, will remain open. 5734 Old Second Street Penn's Landing: Ice cream shop Somerset Splits, known for its sundaes, closed per an Instagram post dated Tuesday, June 17. No reason was given for the shutter. 301 South Christopher Columbus Boulevard See More: Philly Restaurant Closings
India.com
16-06-2025
- India.com
Pune Travel Guide 2025: From Forts To Farms – What's New & What's Trending
Pune is one of the fastest growing cities in India and in 2025 it is shining as a top travel destination. This city has something for every kind of traveler. It mixes old history with modern life green spaces with busy streets and quiet farms with exciting food places. Here is your full guide to what is new and what is trending in Pune this year. Explore the Forts That Tell Stories Pune has many old forts that take you back in time. Shaniwar Wada is still one of the most popular places to visit even in 2025. The strong walls the gates and the open spaces inside still remind people of the Maratha kings. Sinhagad Fort is also a favorite for trekking and morning walks. People love to climb it early in the morning to see the sunrise and feel the fresh air. Rajgad Fort is also gaining attention this year because more people want peaceful and less crowded places. Farm Stays Are the New Way to Relax More travelers in 2025 are choosing to stay on farms around Pune instead of hotels. These farms offer simple living fresh food and a slow life that many people need after city stress. Places like Mulshi, Junnar and Velhe are becoming popular for farm stays. You can help with farming eat fresh vegetables and enjoy nature. Many couples and families are booking weekends here to feel calm and happy. Punekar Food Scene is Buzzing Pune has always been famous for misal pav vada pav and bhakarwadi. But in 2025 the city is going beyond street food There are many food streets where you can try global dishes with a Pune twist FC Road and Viman Nagar are full of cafes serving Korean Japanese and Middle Eastern food. New cloud kitchens and food trucks are popping up across the city serving fresh tasty and budget friendly meals. Vegan and organic cafes are also trending in Koregaon Park and Baner. New Age Shopping Spots in the City While old markets like Tulsi Baug and Laxmi Road are still loved in 2025 many travelers are exploring new shopping hubs too. Phoenix Mall of the Millennium in Wakad is the latest big attraction with global brands local shops and great food spots. The flea markets in Aundh and Kothrud now run weekly events where young local artists sell clothes jewelry and crafts. Travelers love picking up souvenirs from these creative pop-ups. Nature Trails and Cycling Are the New Morning Plans Pune people love their mornings and in 2025 nature walks and cycling trails are the top choices. The Khadakwasla Dam area is perfect for long peaceful rides in the early hours. The Pune to Lavasa cycling path is becoming very popular among fitness lovers too. Vetal Tekdi and Taljai Hills are now better maintained and safer for morning walks and small hikes. More people are choosing nature over gyms to stay fit and feel fresh. Cultural Events and Art Spaces Are Growing Fast Pune is keeping its roots strong in arts and culture. In 2025 there are many events happening every month at spots like Raja Dinkar Kelkar Museum Bharat Natya Mandir and Bal Gandharva Rang Mandir. The city also has new art galleries in Kalyani Nagar and Bavdhan that host modern Indian art and workshops for travelers who want to try painting or pottery. The Pune International Literary Festival and NH7 Weekender continue to pull large crowds every year. Tech Tourism is Also Rising in Pune With big IT hubs and start up zones like Hinjewadi and Magarpatta, Pune is also getting tech tourists in 2025. Some offices now offer guided tours for students and tech fans who want to see how modern Indian companies work. Coworking spaces like WeWork Smartworks and Bootstart also welcome digital nomads and solo travelers who want to work while they explore. Trending Stays From Hostels to Luxury In 2025 Pune offers every kind of stay for every kind of budget Backpacker hostels are booming in areas like Deccan KP and Wakad with clean rooms and chill vibes. Homestays and boutique hotels with heritage feels are trending in old Pune for those who want local flavor. Meanwhile, five-star hotels like Conrad, JW Marriott and Ritz-Carlton continue to offer premium comfort with great city views and rooftop dining. Final Travel Tips for Pune 2025 Pune is best visited from October to March when the weather is cool and perfect for outdoor fun. Always carry a light jacket if you are going to the hills or forts. Early mornings are the best time to explore and avoid traffic. The city is well connected by air rail and road so plan your travel based on your comfort and budget. Pune in 2025 is a city of stories flavors art and peace. Whether you love forts or farms food or fashion nature or nightlife, this city has everything waiting for you to explore.
