[Exclusive] Savings Bank Central Association Chairman Election Agenda Submitted... 20th Chairman to Be Decided in Early April

Official Election Race Effectively Begins... Formation of Candidate Recommendation and Election Management Committees
Financial Services Commission and Third-Party Candidates to Be Determined by Mid-March
Currently, Chairman Oh's Reappointment Is Highly Likely... No Challengers in Sight

With the Savings Banks Association chairman board meeting scheduled in two days, it has been confirmed that an agenda to form the 20th chairman election Candidate Recommendation Committee and Election Management Committee and to select candidates has been submitted to the board. If the agenda is approved on the day, the candidates for the next chairman election will be decided as early as the third week of March, and the next chairman will be chosen in the first week of April.

According to industry sources on the 18th, the Central Association submitted the agenda for the 20th chairman election to the closed board meeting to be held at 3 p.m. on the 20th at the Savings Banks Association headquarters in Mapo-gu, Seoul. Specifically, the agenda to form the Candidate Recommendation Committee and the Election Management Committee was submitted. The election schedule may be decided at this board meeting or later.

According to the Central Association, the Candidate Recommendation Committee is usually composed of seven members: four representatives of savings banks (board members, branch heads, etc.), two external professional directors, and one current or former Central Association chairman. Typically, the Candidate Recommendation Committee and Election Management Committee are formed 40 days before the election date, and candidates are announced up to 14 days before the election date. On the election day, a temporary general meeting is held with 79 Central Association members to vote and determine the winner. If approved on the 20th, the earliest scenario is to announce candidates on March 18 and hold the chairman election after the temporary general meeting on April 1.

The most keenly watched issue is whether the Financial Services Commission’s recommended candidate and a third-party private candidate will run by mid-next month. Currently, no candidates other than the incumbent (19th) chairman Oh Hwa-kyung have been detected. From the 20th until March 18, the Candidate Recommendation Committee will shortlist the candidates. The finalized list of candidates is confidential as a principle.

It has been confirmed that neither the Financial Services Commission’s recommended candidate nor a third candidate has been listed yet. While the possibility of a second or third candidate emerging by the third week of next month cannot be ruled out, no rumors are circulating at present. Chairman Oh’s term officially expired on the 16th, but he will continue to serve until the next chairman election. An industry insider said, "At present, the possibility of Chairman Oh’s reappointment does not seem small."

The Central Association chairman election is decided based on the principle of 'one vote per member company' among 79 member companies. The winning quorum requires a majority attendance of member companies and at least two-thirds approval of attending members. The 79 member companies are divided as follows: 23 in Seoul, 19 in Incheon and Gyeonggi, 12 in Busan and Gyeongnam, 11 in Daegu, Gyeongbuk, and Gangwon, 7 in Honam, and 7 in Chungcheong.