Export-Import Bank Appoints First Union-Nominated Outside Director in Financial Sector

[Asia Economy Reporter Oh Hyung-gil] Lee Jae-min, a non-executive director recommended by the labor union, has been appointed at the Export-Import Bank of Korea, the first such appointment in the domestic financial sector.

According to the financial sector on the 17th, the Ministry of Economy and Finance notified the Export-Import Bank of Korea that Lee Jae-min, CEO of the Marine Finance Research Institute, would be appointed as a non-executive director.

Lee is an insider and ship finance expert who previously served as head of the Ship Finance Department, head of the Export Finance Headquarters, and head of the Trade Investment Finance Headquarters at the bank. After retiring from the bank in July 2011, he served as a professor of ship finance at Korea Maritime and Ocean University.

The bank’s labor union recommended Lee to appoint a non-executive director familiar with the bank’s internal affairs.

Yoon Tae-ho, a lawyer at the law firm Bae, Kim & Lee, who was recommended by the management side, was also appointed as a non-executive director. Yoon passed the 34th Judicial Examination, served as a judge at the Seoul High Court, and as a research judge at the Supreme Court, and has been a lawyer at Bae, Kim & Lee since 2010.

With the Ministry of Economy and Finance appointing two people, the number of non-executive directors at the Export-Import Bank of Korea increased from three to four.