Yang Bum Nam: "Enhancing Fairness and Transparency in Credit Union Elections"

'Entrusted Election Act Amendment' Committee Proposal Approved
Mandatory Reporting of Election Expenses to National Assembly Standing Committee Introduced
Election Campaigns to Be Suspended for Uncontested Candidates

Bum Nam Yang, Democratic Party of Korea lawmaker.

On July 10, Yang Bum Nam, a lawmaker from the Democratic Party of Korea (representing Gwangju Seo-gu-eul), announced at the plenary session of the National Assembly's Public Administration and Security Committee that the committee had approved its own version of the 'Amendment to the Act on Entrusted Elections of Public Organizations, etc.'

The amendment stipulates that elections for credit union chairpersons and central presidents above a certain scale must be entrusted to the National Election Commission. It also extends the deadline for sending voting notices to 'within three days after the confirmation of the voter list.'

Additionally, it introduces new regulations that require the calculation standards for election management expenses and the settlement report to be submitted to the relevant standing committee of the National Assembly. In cases of uncontested elections, it mandates the suspension of election campaigns.

The 'Entrusted Election Act Amendment' is a committee proposal that was prepared by integrating and adjusting the amendment initially proposed by Representative Yang and the bill submitted by Representative Shin Jung Hoon, after a combined review. Reflecting the recently revised Credit Union Act (promulgated in July 2023, effective October 2023), the amendment aims to institutionally support the fairness and transparency of credit union elections.

Representative Yang emphasized, "It is a meaningful achievement that the amendment clearly stipulates that credit union elections, which have been in a blind spot of fair entrusted election management, will now be directly entrusted and managed by the National Election Commission." He added, "This bill is not just a simple institutional improvement, but a significant legislative measure to establish the foundation of cooperative democracy. Going forward, I will continue to take the lead in effective institutional improvements by reflecting voices from the field."