Global proxy advisers scrutinize KB Financial's surprise leadership change

KB Financial Group's unexpected decision to replace its chairman, despite strong financial performance, has attracted increased attention from shareholders, according to industry officials. The world's two leading proxy advisory firms, Institutional Shareholder Services (ISS) and Glass Lewis, are currently examining the nomination of Lee Jae-keun as the company's new chairman before the upcoming shareholder vote on November 20.

Neither advisory firm has made a recommendation on the appointment at this time. Glass Lewis stated that it is still in the process of researching the company and is not able to provide a comment on the nomination. ISS said that it would be able to share its recommendation once its research is published, typically 14-16 calendar days before the shareholder meeting. The advisory firms' recommendations may hold significant importance for KB Financial Group.