KB Kookmin Bank is establishing a Consumer Protection Committee under its board of directors to strengthen its consumer-centered management system. The move aims to incorporate consumer protection functions into the board's key decision-making structure for company-wide oversight.
KB Kookmin Bank announced on the 22nd that it plans to introduce the Consumer Protection Committee as a subcommittee under the board. The committee will launch following the annual general shareholders' meeting on the 25th. The structure allows consumer protection matters to be handled by a dedicated body within the board.
The decision represents a preemptive implementation of the "Best Practices for Financial Consumer Protection Governance" announced by the Financial Supervisory Service in September last year. The bank aims to establish consumer protection as a core system throughout its management operations.
The committee will consist of three directors, including outside directors with expertise in consumer protection. Regular meetings will be held once every half-year in principle, with ad-hoc meetings convened as needed to deliberate and approve related management strategies and policies. As a specialized subcommittee under the board, it will discuss key issues and participate in relevant decision-making processes.
The committee will be responsible for establishing internal control systems for consumer protection, setting basic operational guidelines, evaluating key performance indicators from a consumer protection perspective, and managing follow-up measures based on FSS assessments and inspection results. It will also review overall related policies at the board level. Through these efforts, the bank plans to advance its consumer protection framework.
A KB Kookmin Bank official said, "Through the establishment of this committee, we will establish consumer protection as the bank's top management priority and strengthen a board-centered, accountable consumer protection system. We will continue to expand consumer-centered management based on customer trust."
Meanwhile, KB Kookmin Bank has ranked first 19 times in the commercial banking sector of the National Customer Satisfaction Index, the most in the banking industry. This marks 11 consecutive years at the top. The bank has also maintained an "excellent" rating for five consecutive years in the Korea Consumer Protection Index for financial services.
