KB Kookmin Bank is establishing a Consumer Protection Committee as a subcommittee under its board of directors. The move aims to preemptively implement the "Best Practices for Financial Consumer Protection Governance" announced by the Financial Supervisory Service in September last year and to embed consumer protection as a core system across the bank's management.
KB Kookmin Bank announced on the 22nd that it will establish the Consumer Protection Committee through its annual general shareholders' meeting on the 25th of this month. The committee is expected to serve as a substantive "control tower" that directly deliberates and decides on management strategies and policies related to consumer protection.
The Consumer Protection Committee will operate as a specialized subcommittee within the board of directors. It will consist of three directors, including outside directors with expertise in consumer protection. The committee will hold regular meetings once every half-year in principle, with additional meetings convened as needed.
The bank plans to strengthen its board-level consumer protection framework through this committee. Specifically, it will establish basic guidelines for building and operating an internal control system for consumer protection, evaluate performance compensation systems (KPIs) from a consumer protection perspective, and manage follow-up actions based on the Financial Supervisory Service's assessments and inspection results.
A KB Kookmin Bank official said, "Through the establishment of this committee, we will establish consumer protection as the bank's top management priority," adding, "We will strengthen our board-centered, accountable consumer protection framework."
