Seoul Guarantee CEO Final Candidates: Lee Myeong-sun and Hwang Ui-tak

Controversy Over 'Mofia' Nomination Rumors Ignoring Procedures and Applying Without Public Official Ethics Committee Employment Approval

The final two candidates for the next president of SGI Seoul Guarantee Insurance have been narrowed down to Lee Myung-soon, former Senior Deputy Governor of the Financial Supervisory Service, and Hwang Ui-tak, Executive Director of SGI Seoul Guarantee. Controversy over a 'pre-appointment rumor' has arisen as a former senior financial regulator was selected as a final candidate before receiving employment review approval from the Public Officials Ethics Committee.

According to industry sources on the 6th, the SGI Seoul Guarantee Insurance Executive Candidate Recommendation Committee completed the document screening for the new president selection on the 1st and shortlisted two candidates for the interview. It was confirmed that the final interview candidates were former Deputy Governor Lee and Executive Director Hwang.

Former Deputy Governor Lee graduated from Daeryun High School in Daegu and Seoul National University with a degree in Economics. After passing the 36th Administrative Examination, he worked at the Financial Supervisory Commission, Ministry of Strategy and Finance, Financial Services Commission, and served as Senior Deputy Governor of the Financial Supervisory Service until last month. Executive Director Hwang, born in 1964, joined SGI Seoul Guarantee in 1991 and has worked there for over 30 years. Due to the organization's rotational assignment principle, he has experience in various roles including sales and human resources. He has served as head of the Gangseo and Gyeongwon headquarters and has been Executive Director of Sales Support since the end of 2020.

There are expectations that issues arising during former Deputy Governor Lee's application process may continue. First is the pre-appointment rumor. Among the three presidents who have served SGI Seoul Guarantee for about 10 years since 2015, two (Choi Jong-gu and Yoo Kwang-yeol) were former Senior Deputy Governors of the Financial Supervisory Service. Earlier, during the National Assembly audit in October, there were inquiries about the pre-appointment rumor of former Deputy Governor Lee as SGI Seoul Guarantee president. At that time, Financial Supervisory Service Governor Lee Bok-hyun stated he would not intervene in the SGI Seoul Guarantee president appointment, but former Deputy Governor Lee resigned on the 22nd of last month, two days before the application deadline.

There is also the issue of employment review approval from the Public Officials Ethics Committee. According to Article 17 of the Public Officials Ethics Act, public officials and employees of related public organizations cannot be employed by institutions closely related to the departments or agencies they belonged to for five years prior to retirement for three years after retirement. However, employment is possible if approval is obtained from the relevant Public Officials Ethics Committee. Former Deputy Governor Lee has not yet received employment review approval. The November application review results announced by the Public Officials Ethics Committee on the 30th of last month did not include former Deputy Governor Lee. Results for this month's applications will be announced after the 20th. Ultimately, he applied without securing employment eligibility and was selected as a final interview candidate. There are criticisms that the employment approval from the Public Officials Ethics Committee is a conditional appointment received afterward.

Controversy over protecting the 'Mofia' turf may also arise. Since the merger of Daehan Guarantee Insurance and Korea Guarantee Insurance to form SGI Seoul Guarantee in 1998, five of the eight presidents to date have been financial bureaucrats who entered through the Administrative Examination or came from the Financial Supervisory Service or the Bank of Korea. Three were former Senior Deputy Governors of the Financial Supervisory Service. As SGI Seoul Guarantee is the starting point for leadership changes in financial-related institutions scheduled for early next year, controversy is expected to continue. An industry insider said, "A former financial bureaucrat has already become the chairman of the Life and Non-life Insurance Association, and rumors continue that the Korea Exchange chairman, Insurance Training Institute, Korea Housing Finance Corporation, and Korea Securities Finance Corporation will all be occupied by the Mofia early next year," adding, "We hope that the appointment process proceeds based on merit and common sense."