Hana Financial Group Chairman Ham Young-joo has secured support from a majority of foreign shareholders to extend his term. With the support, Ham is likely to be reappointed as the chief of the financial firm through a shareholders' meeting slated to take place next week.
Among 193 million valid stocks with voting rights owned by foreign shareholders, 123.6 million or 63.7 percent voted for the reappointment of Ham, the data from the Korea Securities Depository showed, according to industry sources. Some 75 percent of the 164 million foreign shares that cast their votes through early voting supported the extension.
Since foreign shareholders account for roughly 70 percent of Hana Financial's total voting rights, Ham has secured around 44 percent of the total votes. Considering around 80 percent of the voting rights are typically exercised, Ham is likely to win the majority of support from the shareholders.
Ham's extended term will be finalized at the regular shareholders' meeting set to take place Tuesday. If confirmed, his tenure will extend to 2028.
In December, the firm's recommendation committee shortlisted Ham, former Hana Bank CEO Lee Seung-lyul and Hana Securities CEO Kang Seong-muk, along with two non-Hana figures for the chair post. Ham was recommended as the sole candidate for the top job the following month.
Ham joined Seoul Bank, a predecessor of Hana Bank, in 1980. He was named the CEO of Hana Bank in 2015, following its merger with Korea Exchange Bank. In 2016, he took on double duty as vice chair of the bank’s holding company, Hana Financial Group. He was named the chair of the holding entity in 2022.
"Hana will continue to improve shareholder returns to achieve its goal of raising the total shareholder return rate to 50 percent by 2027," Ham said in a video released by the company last month.
silverstar@heraldcorp.com
