은행지주회사의 주주 구성과 지배구조 관련 시사점

The biggest influence on the composition of shareholders of bank holding companies is the restriction of stock ownership of bank holding companies based on the principle of the separation of financial and industrial capital. In the case of the four major bank holding companies, the share of the largest shareholders, the National Pension Service (KB Financial Group, Shinhan Financial Group, Hana Financial Group), or the Employee Stock Ownership Association (in the case of Woori Financial Group), is less than 10%. Except that the Korea Deposit Insurance Corporation, which was the largest shareholder of Woori Financial Group, recently sold its remaining stake and changed its largest shareholder to the the Employee Stock Ownership Association, the National Pension Service has remained as the largest shareholder of each KB Financial Group, Shinhan Financial Group and Hana Financial Group. Since there is no controlling shareholder in the composition of shareholders of a bank holding company, it may be difficult to control management in that it cannot influence the agenda and resolution of the general shareholders' meeting. The bank holding company system expects the National Pension Service and the advisory body for exercising voting rights that influence foreign shareholders' decisions to play a role as shareholder controllers directly and indirectly for managers. Despite opposition from the National Pension Service and the ISS(Institutional Shareholder Service) at recent shareholders' meetings of bank holding companies, the agenda is often passed as it is, which causes concerns that the control function of management is weakening. This phenomenon shows that the National Pension Service and voting rights advisory bodies need to fully consider the practical interests of minority shareholders and foreign shareholders in making decisions. On the other hand, however, there are concerns that the long-term rule of the CEO of a bank holding company may become more likely. In this regard, it is necessary to clearly establish a plan related to CEO succession, make the exercise of CEO authority transparent, and strengthen the effectiveness of the board of directors' functions. In addition, the National Pension Service, voting rights advisors, and unions should faithfully monitor and check the management of bank holding companies.