Soo-eun Appointed Along with Two Outside Directors... Union Nominee Fails

[Asia Economy Reporter Kim Hyemin] Yoo Bokhwan, former Korean director of the World Bank (WB), and Professor Jeong Dami of Myongji University have been appointed as outside directors of the Export-Import Bank of Korea. For the first time since its establishment, the labor union recommended outside directors, drawing attention to the possible introduction of the 'labor director system,' but it was ultimately rejected.

According to the financial sector on the 6th, the Ministry of Economy and Finance appointed Yoo, the former director, and Professor Jeong as outside directors from among four candidates proposed by the Export-Import Bank of Korea on the same day. Both appointees were recommended by the management side. The Ministry of Economy and Finance is reported to have made the decision after comprehensively considering the ranking, suitability, and expertise of the candidates proposed by the bank.

Earlier, Bank President Moon Bangkyu received four external candidates to fill two outside director positions whose terms had expired: three recommended by the management and one by the labor union, and then proposed them to the Ministry of Economy and Finance. The Export-Import Bank directors are appointed by the Minister of Economy and Finance upon the bank president's recommendation.

The issue of appointing outside directors at the Export-Import Bank of Korea attracted attention in connection with the introduction of the labor director system. The labor director system is a system that guarantees workers' participation in management by having worker representatives attend the board of directors. Although the bank’s labor union recommended outside directors for the first time since its inception, raising the possibility of introducing the labor director system, it ultimately did not come to fruition.

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