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Corporate Governance

We are committed to sound corporate governance
to ensure responsible growth.

Differences in Corporate Governance Practices

Pursuant to the rules of the New York Stock Exchange applicable to foreign private issuers like us that are listed on the New York Stock Exchange, we are required to disclose significant differences between the New York Stock Exchange’s corporate governance standards and those that we follow under Korean law and in accordance with our own internal procedures.  The following is a summary of such significant differences:

NYSE Corporate Governance Standards

KB Financial Group

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Director Independence

Listed companies must have a majority of independent directors.

The majority of our board of directors is independent (as defined in accordance with the New York Stock Exchange’s standards), as seven out of nine directors are non‑executive directors.

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Executive Session

Non‑management directors must meet in regularly scheduled executive sessions without management.  Independent directors should meet alone in an executive session at least once a year.

Our non‑executive directors hold executive sessions as needed in accordance with the Regulation of the Board of Directors.

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Nomination/Corporate Governance Committee

 

A nomination/corporate governance committee of independent directors is required.  The committee must have a charter that addresses the purpose, responsibilities (including development of corporate governance guidelines) and annual performance evaluation of the committee.

We maintain a Non‑executive Director Nominating Committee composed of four non‑executive directors.

We maintain a CEO Nominating Committee composed of all seven of our non-executive directors.

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Compensation Committee

A compensation committee of independent directors is required.  The committee must have a charter that addresses the purpose, responsibilities and annual performance evaluation of the committee.  The charter must be made available on the company’s website.  In addition, in accordance with the U.S. Securities and Exchange Commission rules adopted pursuant to Section 952 of the Dodd‑Frank Act, the New York Stock Exchange listing standards were amended to expand the factors relevant in determining whether a committee member has a relationship with the company that will materially affect that member’s duties to the compensation committee.

Additionally, the committee may obtain or retain the advice of a compensation adviser only after taking into consideration all factors relevant to determining that adviser’s independence from management.

We maintain an Evaluation and Compensation Committee composed of four non‑executive directors.

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Audit Committee

Listed companies must have an audit committee that satisfies the independence and other requirements of Rule 10A‑3 under the Exchange Act.  All members must be independent.  The committee must have a charter addressing the committee’s purpose, an annual performance evaluation of the committee, and the duties and responsibilities of the committee.  The charter must be made available on the company’s website.

We maintain an Audit Committee composed of four non‑executive directors.  Accordingly, we are in compliance with Rule 10A‑3 under the Exchange Act.

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Audit Committee Additional Requirements

Listed companies must have an audit committee that is composed of at least three directors.

Our Audit Committee has four members, as described above.

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Shareholder Approval of Equity Compensation Plan

Listed companies must allow its shareholders to exercise their voting rights with respect to any material revision to the company’s equity compensation plan.

We currently have two equity compensation plans:  (i) performance share agreements with certain of our directors, executive officers and (ii) an employee stock ownership plan, or ESOP.  Matters related to the performance share agreements or ESOP are not subject to shareholders’ approval under Korean law.

Our Articles of Incorporation provide that our stockholders may, by special resolution, grant stock options to officers, directors and employees. All material matters related to stock options are provided in our Articles of Incorporation, and any amendments to the Articles of Incorporation are subject to shareholders’ approval.

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Corporate Governance Guidelines

Listed companies must adopt and disclose corporate governance guidelines.

We have adopted corporate governance standards, the Korean-language version of which is available on our website.

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