Lee Bok-hyun "Doubtful if the selection process for Woori Financial Group chairman candidate was appropriate"

Expressed Opinions on Government Control Controversy... "The Period Is Too Short"

On the 26th, Lee Bok-hyun, Governor of the Financial Supervisory Service, is giving an opening remark at the meeting between the Financial Supervisory Service Governor and insurance company CEOs held at the Life Insurance Education and Culture Center in Seoul. Photo by Heo Young-han younghan@

[Asia Economy Reporter Minwoo Lee] Lee Bok-hyun, Governor of the Financial Supervisory Service, expressed doubts about the selection process of the chairman candidate for Woori Financial Group . There are concerns that the candidate selection process is proceeding too quickly amid ongoing controversies over 'government intervention.'

On the 26th, after a meeting with insurance company CEOs held at the Life Insurance Education and Culture Center in Jongno-gu, Seoul, Governor Lee told reporters, "It may be inappropriate for financial authorities to comment on a specific candidate or individual as it could cause misunderstandings, but I do have some concerns." He pointed out, "I question what criteria and channels were used to create the first round of candidates (longlist) for the Woori Financial Group chairman, and whether sufficient time was secured to evaluate and create the final shortlist."

Earlier, the Woori Financial Executive Candidate Recommendation Committee finalized a longlist of eight candidates for the next chairman on the 18th, including former Financial Services Commission Chairman Lim Jong-ryong. The final candidate is scheduled to be selected and announced on the 27th. This has sparked controversies both inside and outside Woori Financial regarding government-controlled finance and parachute appointments. Chairman Lim, who entered public service through the 24th Administrative Examination, served as Chief of Staff to the Prime Minister during the Lee Myung-bak administration and as Financial Services Commission Chairman during the Park Geun-hye administration. He is the only bureaucrat among the eight candidates. Since Woori Financial Chairman Sohn Tae-seung, whose term ends in March, ultimately gave up on his repeated intentions to seek reappointment and stepped down, criticism of government intervention has intensified.

Governor Lee said, "We need to believe and reach consensus that the procedural legitimacy and the conclusion are the best possible, but we do not know if the current procedures are appropriate, and it is difficult to judge whether this can be done in such a short time." He added, "When improving laws related to governance supervision, it might be necessary to listen to opinions from academia and have public discussions or debates regarding the direction."