FSS Governor Lee Chanjin Emphasizes "Listening Extensively" in First Meeting with Executives

Emphasizing Communication with Executives at Ulchi Freedom Shield
Receiving Departmental Briefings in the Afternoon
"I Will Not Make Decisions Unilaterally" ? Focus on Discussion
Similar Background to Lee Bokhyun, but a Completely Different

Yonhap News

"I will listen extensively and make decisions on important matters through discussion."

Lee Chanjin, the newly appointed Governor of the Financial Supervisory Service (FSS), reiterated the importance of listening and discussion during his first internal communication session after taking office. Previously, immediately after his inauguration, Governor Lee had told reporters that he would make decisions through a process of discussion.

According to financial authorities on August 18, Governor Lee met with executive-level officials during the Ulchi Freedom Shield (UFS), a South Korea-U.S. joint military readiness exercise, and stated, "I will not make decisions unilaterally."

This emphasis on "communication" as his first message, both internally and externally, is interpreted as a conscious response to the controversy over overreach involving former FSS Governor Lee Bokhyun under the Yoon Suk-yeol administration. Like his predecessor, Governor Lee Chanjin is also a former lawyer and was a classmate of President Lee Jaemyung at the 18th Judicial Research and Training Institute.

Governor Lee is known to have a close relationship with President Lee, having recently served as a defense attorney in the "Ssangbangwool North Korea remittance" case. The appointment of another lawyer with no direct experience in the financial sector, and a close associate of the president, as FSS Governor has raised concerns both inside and outside the financial industry, following the previous administration.

Governor Lee also signaled internal changes in work practices. An FSS official said, "During the Ulchi Freedom Shield briefing this morning, Governor Lee pointed out that the atmosphere at the FSS seemed rigid. He expressed his intention to replace one-way instructions and reporting with discussion."

Former Governor Lee Bokhyun was known for his "micro-managing" style, directly overseeing not only major issues but also detailed matters after familiarizing himself with the work. As a result, department heads would report urgent issues directly to him via messaging apps like KakaoTalk, after which he would make decisions and issue instructions to resolve problems.

However, Governor Lee Chanjin has mainly been active in civic groups such as Lawyers for a Democratic Society (Minbyun) and the People's Solidarity for Participatory Democracy. This means that, even when conveying his views externally, he is more accustomed to persuasive discussion. Therefore, it is expected that "discussion" will be emphasized, from reporting to internal communication.

On the afternoon of August 18, Governor Lee officially began his duties by receiving work briefings from each division, starting with planning and strategy, digital and IT, and insurance. Given the new administration's policy direction and Governor Lee's background, the FSS is expected to focus first on issues such as eradicating stock price manipulation, retirement pensions, and revitalizing the stock market.

This is because the National Policy Planning Committee, in its five-year state administration plan, presented capital market-related tasks in the "economic development" sector, including 40 trillion won in annual venture investment, the creation of a 100 trillion won National Growth Fund, and advancing toward a KOSPI 5000 era.

In particular, since Governor Lee has experience providing legal counsel to venture and listed companies in the capital market and showed interest in retirement pension issues while serving on the National Pension Fund Management Committee, he is expected to strengthen supervision of the capital market.

An FSS official said, "Although both the former governor and the new governor share a background as lawyers and presidential associates, their communication styles are completely different. FSS employees will need to quickly adapt to the new governor's approach, from work direction to reporting methods."