Eun Sung-soo: "Respecting the forecast in favor of Son Tae-seung's reappointment... Each made their own judgment"

IBK Bank President on 'Nakhasan' Controversy: "Focus on Who Is Best, Not Internal or External"
FSS on Adding 'Deputy Director of Consumer Protection': "No Need to Oppose If Absolutely Necessary"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, expressed respect on the 2nd for the Deposit Insurance Corporation's (DIC) vote in favor of Sohn Tae-seung's reappointment as Chairman of Woori Financial Group, stating that it was "a judgment made based on each party's needs."

After the New Year's ceremony at the Government Seoul Office on the same day, Chairman Eun told reporters, "I am not sure if it is appropriate for the authorities to tell the DIC what to do," adding these remarks.

The Financial Supervisory Service (FSS) had earlier, on the 26th of last month, pre-notified Sohn of a severe disciplinary action (a written warning) related to the 'DLF incident.' Amid this, Woori Financial's Executive Candidate Recommendation Committee on the 30th of last month solely recommended Sohn as the next chairman candidate for a three-year term.

The DIC, the largest shareholder of Woori Financial, voted in favor of Sohn's reappointment during this process. The Financial Services Commission exercises shareholder rights in Woori Financial through the DIC. This has raised criticism that the Financial Services Commission also supports Sohn's reappointment despite the impending significant disciplinary procedures by financial authorities against Woori Financial.

Chairman Eun said, "It is not appropriate for the Financial Services Commission Chairman to act like a parting line," and added that he did not discuss the matter with the DIC. He further stated, "If everything was done according to laws and procedures, there is no reason for the financial authorities to object," and "The DIC did not consult us (the Financial Services Commission); they must have made their own judgment, and I think we should respect that."

Regarding the FSS's plan for severe disciplinary action against Chairman Sohn, Eun said, "They are conducting investigations according to their own schedules," and "Woori Financial and the FSS should each perform their roles according to their respective timelines."

On the controversy over the so-called 'parachute appointment' related to the appointment of the Industrial Bank of Korea (IBK) president, Chairman Eun said, "It is up to whoever is responsible for the institution (IBK) to decide who is best," and added, "Whether internal or external is important, but I hope they consider who the best person is."

Former IBK President Kim Do-jin stepped down on the 27th of last month upon the expiration of his term. The IBK presidency is currently vacant, and with Yoon Jong-won, former Blue House economic chief, reportedly nominated as the next president, the labor union and others are opposing, calling it a 'parachute appointment.'

Meanwhile, Chairman Eun commented on Financial Supervisory Service Governor Yoon Seok-heon's statement earlier that day about possibly increasing one deputy governor position to strengthen financial consumer protection, saying, "If it is absolutely necessary, there is no need to oppose it," and "Although the two sides may have different views, it does not mean there is disagreement."

Governor Yoon told reporters after the FSS New Year's ceremony that morning, when asked if the number of deputy governor positions might increase due to the strengthening of the financial consumer protection organization, "That possibility exists."

Yoon Seok-heon, Governor of the Financial Supervisory Service

This content was produced with the assistance of AI translation services.