iM Financial Group Launches CEO Succession Process, Bolsters Fairness and Transparency Based on External Consulting
TECHWORLD ·
✦ AI Summary
iM Financial Group launched its CEO succession process on the 28th.
The committee presented four selection principles, including securing procedural legitimacy and transparency, as well as standardized evaluation criteria.
The succession process will proceed in 3 stages, with the long list to be selected at the end of October, the short list finalized by the end of November, and the final candidate recommended in December.
iM Financial Group has launched its CEO succession process. On the 28th, the Chairman Candidate Recommendation Committee of iM Financial Holding announced that it had decided to begin the succession process for selecting the next CEO after holding a meeting.
Along with the process, the committee presented four principles for selecting the CEO. The principles are securing procedural legitimacy and transparency, enhancing candidate diversity and evaluation fairness, selecting final candidates with the required qualities and capabilities, and strengthening the independence of the Chairman Candidate Recommendation Committee.
In line with the preannounced CEO qualification requirements, the committee has been forming and managing a standing pool of internal and external candidates. The internal candidate pool has been continuously developed and managed through a standing management system.
The succession process will apply standardized evaluation criteria. It also plans to provide fair competition opportunities for both internal and external candidates, and will broadly identify external candidates by using multiple professional search firms. Diversity in the composition of the candidate pool will also be significantly strengthened, while fairness and transparency will be enhanced based on consulting from external specialized institutions.
The succession process is structured to apply the same principles regardless of a candidate's background or whether the candidate is currently serving in the role. The focus of verification is expertise and management capability.
The succession process consists of three stages. The first stage is the long list selection, the second stage is the short list selection, and the final stage is the selection of the final candidate.
In the first stage, verification will be conducted based on standardized applications, supporting documents, and reputation checks by multiple professional institutions. The verification in this stage will cover the qualification requirements and the core competencies required of a financial holding company CEO.
In the second stage, outside directors and external experts will take part as evaluators. In this stage, expertise in the financial industry, organization, leadership, and strategic thinking capabilities will be assessed in depth.
In the final candidate selection stage, verification will be conducted in two rounds. In the first round, outside directors will conduct focused interviews by area, and in the second round, a '3 Yrs. Visioning' session will be held to present and discuss the group's management direction for the next 3 years. In the final stage, CEO readiness and suitability will be comprehensively verified.
To improve objectivity and fairness, external experts will participate in the evaluation, and the committee's role will also be strengthened. In the short list and final candidate selection process, in-depth interviews will be expanded, and management philosophy, the group's future vision, leadership, and management capabilities will be evaluated. Accordingly, candidates will be closely assessed.
The committee designed the process to directly verify candidates' qualities and capabilities and to lead all the way through recommending the final candidate. Through this, it plans to pursue greater transparency in the succession process.
Starting with the long list selection at the end of October, the committee will conduct step-by-step in-depth evaluations, finalize the short list by the end of November, and recommend the final candidate in December. The plan is to strengthen the committee's role and lead the entire process of candidate verification and recommendation.
In addition, the committee plans to disclose the number of people on the long list in the future. It also decided to disclose the short list on the condition that the candidates consent, while also protecting candidates' personal information and rights and interests, in order to meet shareholders' and the market's right to know and improve external trust in the succession process.
Chairman Jo Gang-rae of the committee said the process was designed based on consulting from external specialized institutions. He also explained that the process focused on ensuring fair competition opportunities for internal and external candidates, and on enhancing objectivity and expertise through the participation of external experts in the evaluation.
Chairman Jo Gang-rae said the goal is to recommend the best candidate who will lead the successful establishment of the group as a commercial financial group and its sustainable growth. He also said he intends to faithfully carry out the committee's role through sufficient verification time and transparent evaluation.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407427
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Source: TECHWORLD
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