SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the Month of March 2004
SHINHAN FINANCIAL GROUP CO., LTD.
(Translation of registrant's name into English)
120, 2-Ga, Taepyung-Ro, Jung-Gu, Seoul 100-102, Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
----- -----
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No X
----- -----
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-_______.
RESULTS OF GENERAL SHAREHOLDERS' MEETING FOR THE FISCAL YEAR OF 2003
On March 25, 2004, Shinhan Financial Group held the general shareholders'
meeting for the fiscal year of 2003, and all the 6 agenda listed below were
approved of and ratified as originally proposed.
Agenda 1) Approval of Financial Statements [balance sheets, income
statements and statements of appropriation of retained earnings
for fiscal year 2003 (January 1, 2003 ~ December 31, 2003)]
Agenda 2) Amendments to the Articles of Incorporation
Agenda 3) Appointment of Directors
Agenda 4) Appointment of Audit Committee Members
Agenda 5) Approval of Limitation on Director Compensation
Agenda 6) Approval of Stock Option Grant to Department Heads and Executive
Officers of Shinhan Financial Group and its Subsidiaries
For each details of originally proposed agenda, please refer Convocation Notice
of the 3rd Ordinary General Meeting of Shareholders), which was disclosed on
March 8, 2004.
GRANT OF STOCK OPTIONS
Pursuant to Article 14 of the Articles of Incorporation, stock option was
granted to department heads and executive officers of Shinhan Financial Group
and its subsidiaries through the resolution of our 3rd general shareholders
meeting.
1. Grant of Stock Options to Department Heads of Shinhan Financial Group and its
Subsidiaries
1) Grantees : Mr. Byung Kook Song and other 408 department heads of Shinhan
Financial Group and its subsidiaries
2) Number of options to be granted : 596,600 in total
3) Exercise price: KRW 21,595
4) Date of grant: March 25, 2004
5) Exercise period: Exercisable during the 3 year period after the second
anniversary from the grant date.
6) Method of share issuance : Shinhan Financial Group will, at its option, to
choose between the following two methods (or the combination of the two).
- to issue new shares at the exercise price; or
- to pay the grantees cash in an amount to the difference between the
market price of shares at the exercise date and exercise price.
7) Condition for exercise: The sum of the net income of the relevant company
(the company where the applicable executive or officer works) during the
grant year and the following year should be greater than zero.
2. Grant of Stock Options to Executives of Shinhan Financial Group and its
Subsidiaries
1) Grantees: A total of 27 executives and officers of Shinhan Financial
Group and its subsidiaries (Shinhan Bank, Shinhan Card, Shinhan Capital,
and Shinhan Credit Information)- See 8) below for details
2) Number of options to be granted: stock options to purchase 705,000 shares
in total
3) Exercise price: KRW 21,595
4) Date of grant: March 25, 2004
5) Exercise period : Exercisable during the 3 year period after the second
anniversary from the grant date.
6) Method of share issuance : Shinhan Financial Group will, at its option, to
choose between the following two methods (or the combination of the two).
- to issue new shares at the exercise price; or
- to pay the grantees cash in an amount to the difference between the
market price of shares at the exercise date and exercise price
7) Conditions for exercise :
A. 50% of the volume granted
- Stock options are exercisable when both of the following two
conditions
are met.
[Condition1] Shinhan Financial Group's shareholder return (as defined
below) is greater than 80% of the Korean banking industry
stock price index growth
* Shinhan Financial Group's shareholder return = {[Closing price of the
day of exercise] (Note.1) + Dividends per share paid between the day of
grant and the day of exercise] - [Closing price of the day of grant]
(Note.2)} / [Closing price of the day of grant] x 100
(Note. 1, 2)
Closing price of the day of exercise and grant means the arithmetic mean
of the three trading volume-weighted averages of closing prices during
the 2-month, 1-month and 1-week periods counting backwards from the day
of exercise and grant, as applicable.
[Condition2] The sum of the net income of the relevant company (the
company where the applicable executive or officer works)
during the grant year and the following year should be
greater than zero.
B. The other 50% of the volume granted
- Exercisable volume to be determined based on the return on equity
(ROE) of the relevant company target achievement rate for each two
year.
------------------------------------------------------------------------------------------
Description 1 (for the grant Description 2 (for the following
year) year)
------------------------------------------------------------------------------------------
Number of stock Half of the 50% of Half of the 50% of
options to be the total volume granted the total volume granted
exercised (M)
------------------------------------------------------------------------------------------
Determination of Number of shares(M) x (actual ROE/ target ROE)
exercisable * Exercisable number of shares can not exceed "(M)"
number
------------------------------------------------------------------------------------------
8) Details of Stock Options Granted to Executives and Officers
---------------------------------------------------------------------------------------------
Company Title Name No. of Shares
---------------------------------------------------------------------------------------------
SFG Chairman Eung Chan Ra 100,000
----------------------------------------------------------------
President & CEO Young Hwi Choi 90,000
----------------------------------------------------------------
Senior Exe. VP Bhang Gil Choi 30,000
----------------------------------------------------------------
Senior Exe. VP Chil Sun Hong 20,000
----------------------------------------------------------------
Senior Exe. VP Hee Soo Kim 20,000
----------------------------------------------------------------
Senior Exe. VP Byung Jae Cho 20,000
----------------------------------------------------------------
Senior Exe. VP Baek Soon Lee 20,000
---------------------------------------------------------------------------------------------
Shinhan Bank President Sang Hoon Shin 80,000
----------------------------------------------------------------
Standing Auditor Jae Ho Cho 20,000
----------------------------------------------------------------
Dep. President Jae Woo Lee 20,000
----------------------------------------------------------------
Dep. President Gwang Lim Youn 20,000
----------------------------------------------------------------
Dep. President Woo Sup Cho 20,000
----------------------------------------------------------------
Dep. President Min Ky Han 20,000
----------------------------------------------------------------
Dep. President Youn Soo Song 20,000
----------------------------------------------------------------
Dep. President Do Heui Han 20,000
----------------------------------------------------------------
Dep. President Jin Won Suh 20,000
----------------------------------------------------------------
Dep. President Shin Keun Yang 20,000
----------------------------------------------------------------
Exe. VP Sang Young Oh 15,000
---------------------------------------------------------------------------------------------
Shinhan Card President Sung Kyun Hong 30,000
----------------------------------------------------------------
Standing Auditor Tae Gyu Lee 10,000
----------------------------------------------------------------
Dep. CEO Seong Won Kim 10,000
----------------------------------------------------------------
Dep. CEO Woo Yeop Shim 10,000
----------------------------------------------------------------
Dep. CEO Moon Han Kim 10,000
---------------------------------------------------------------------------------------------
Shinhan Capital President Dong Girl Lee 30,000
----------------------------------------------------------------
Vice President Sahng Dae Kim 10,000
----------------------------------------------------------------
Vice President Seung Keun Oh 10,000
---------------------------------------------------------------------------------------------
Shinhan CEO Beom Seong Shim 10,000
Credit Information
---------------------------------------------------------------------------------------------
Total 705,000
---------------------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SHINHAN FINANCIAL GROUP CO., LTD.
By /s/ Byung Jae Cho
-----------------------------------
Name: Byung Jae Cho
Title: Chief Financial Officer
Date: March 26, 2004