Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), sent a dissenting opinion ahead of the deadline for exercising the right to request reconsideration (veto) on the amendment to the Commercial Act. He has also shown opposition by suddenly not attending the 'Macroeconomic and Financial Issues Meeting' (F4 meeting).
Financial Supervisory Service Governor Lee Bok-hyun is delivering a welcome speech at the 'FSS SPEAKS 2025' held at the Korea Economic Association Conference Center in Yeouido, Seoul on the 27th. 2025.3.27 Photo by Jo Yong-jun
On the 28th, in a letter sent to the Ministry of Economy and Finance and the Financial Services Commission, the FSS pointed out that "since the amendment to the Commercial Act has been passed by the National Assembly after long discussions, using the right to request reconsideration to revert the discussions to the starting point is unproductive," and added that "it hinders efficiency by causing unnecessary social energy consumption."
It further emphasized, "If the veto on the amendment to the Commercial Act is exercised, discussions on shareholder protection will return to square one, making it practically difficult to gain momentum for re-discussion," and "in such a case, it will also be difficult to expect parliamentary agreement on the introduction of principle provisions under the Capital Market Act, leading to a prolonged deadlock."
It also argued that it is necessary to focus on minimizing side effects from the amendment to the Commercial Act and supporting innovative decision-making by management. Additionally, it explained that efforts are urgently needed to reduce unnecessary controversies that may arise in the market until the specific contents of the duty of loyalty to shareholders are formed through court rulings, and to support the desirable formation of court decisions.
Governor Lee did not attend the F4 meeting held privately that morning. It is considered unusual for him to miss the F4 meeting without any special external schedule or unavoidable circumstances.
The F4 meeting is an informal high-level consultative body established to review and respond to major economic issues and policies. Attendees include Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance; Lee Chang-yong, Governor of the Bank of Korea; Kim Byung-hwan, Chairman of the Financial Services Commission; and Lee Bok-hyun, Governor of the Financial Supervisory Service.
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