Eun Chairman "Respects Hana Financial Group's Nomination Committee Decision"
Yoon Director "Procedures Should Be Conducted More Transparently"
Financial Services Commission Chairman Eun Sung-soo (left), Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Bank of Korea Governor Lee Ju-yeol, and Financial Supervisory Service Chairman Yoon Seok-heon are having a conversation at the "Macroeconomic Financial Meeting" held on the 17th at the Korea Federation of Banks building in Jung-gu, Seoul. The meeting discussed the recent domestic and international real economy and financial market conditions, as well as the review and response directions for COVID-19 support measures. Photo by Moon Ho-nam munonam@
[Asia Economy Reporter Kwangho Lee] Regarding the issue of reappointment of financial holding company chairpersons, Eun Sung-soo, Chairman of the Financial Services Commission, and Yoon Seok-heon, Governor of the Financial Supervisory Service, expressed differing opinions. Chairman Eun stated that he respects the judgment of the Chairperson Recommendation Committee, while Governor Yoon emphasized the transparency of the procedure.
On the 18th, before attending the Macroeconomic Financial Meeting held at the Bankers' Hall in Jung-gu, Seoul, Financial Supervisory Service Governor Yoon Seok-heon responded to reporters' questions about the possibility of Kim Jung-tae, Chairman of Hana Financial Group, serving a fourth term by saying, "I hope the procedure is conducted more transparently."
He added, "Since it is according to the board regulations, it is difficult for us (the Financial Supervisory Service) to say anything," and said, "I hope the procedure for the next successor proceeds well."
On the 15th, the Hana Financial Group Chairperson Candidate Recommendation Committee narrowed down the final candidates for the next chairperson to four: current Chairman Kim Jung-tae, Vice Chairman Ham Young-joo, Hana Bank Vice President Park Sung-ho, and former Korea Citibank President Park Jin-hoe.
If Chairman Kim succeeds in an additional reappointment, it will be his "fourth term."
On the other hand, Chairman Eun respects the judgment of the Hana Financial Group Chairperson Recommendation Committee. In a report to the National Assembly's Political Affairs Committee the previous day, Chairman Eun said, "I think those on the Chairperson Recommendation Committee and the board are aware of the issues pointed out by the media," and added, "I believe the decision should be made accordingly."
After a meeting with financial holding company chairpersons on the 16th, Chairman Eun also told reporters, "The basic thing is that the board and the Chairperson Recommendation Committee follow the procedures," and said, "It is not appropriate for financial authorities to intervene in various ways. It seems right to respect their judgment."
Chairman Eun and Governor Yoon showed differing opinions on the issue of self-reappointment of financial holding company chairpersons during last year's comprehensive audit by the National Assembly's Political Affairs Committee, led by People Power Party lawmaker Kang Min-guk.
At that time, Chairman Eun said, "As much as possible, it is better for shareholders or the board to decide," and added, "I think it is the right direction for shareholders and the board to properly monitor financial holding company chairpersons."
However, Governor Yoon raised his voice for stronger regulation. Governor Yoon stated, "It is necessary to regulate self-reappointment more strictly," and expressed, "I hope the chairperson no longer participates in the executive candidate recommendation committee."
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