SEOUL, Aug. 25 (Yonhap) -- Shinhan Financial Group Co. said Thursday that it will set up a special management board next month to improve openness and transparency at South Korea's No. 3 banking group.

The financial group said the board will be made up of CEOs from its six major affiliates such as Shinhan Bank, Shinhan Card, Shinhan BNP Paribas AMC and Shinhan Life Insurance. These companies must manage assets in excess of 10 trillion won (US$9.2 billion).

The board will meet to make all important decisions related to the banking group with senior executives in charge of risk management, corporate strategy and finances to attend the meetings to give input.

In addition, Shinhan, which recently experienced a corporate power struggle among top executives that tarnished its image, said it plans to create offices to oversee corporate and investment banking and wealth management in January 2012, and a committee to help pick a new chairman in March.

The selection committee will have up to six outside directors to ensure unbiased selection of the group's next chairman.

The latest move follows a decision reached in late June that will cap the chairman's age at 67. Those that seek a second term must not be older than 70. Other safeguard measures have been placed on the chairman's post to ensure fair elections for his or her successor.