Yoon Jong-won, CEO of Industrial Bank of Korea, Says "Pursuing Labor Union-Recommended Director System Did Not Cross the Line"

Criticism of Parachute Appointments Met with "Please Judge by Performance" Response

Yoon Jong-won, the new president of IBK Industrial Bank, is delivering his inaugural speech at the inauguration ceremony held on the 29th at the IBK headquarters in Euljiro, Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kwon Haeyoung] Yoon Jong-won, President of IBK Industrial Bank of Korea, responded to the question of whether the introduction of the labor union recommended director system aligns with the reform direction of public enterprises by saying, "We have ensured that there is no conflict. I believe we have not crossed the line."

On the 20th, at the National Assembly's Political Affairs Committee plenary session, Yoon responded to the criticism from independent lawmaker Lee Taegyu that the promotion of the labor union recommended director system contradicts reform by stating, "While there is an advantage in gathering various management opinions, excessive implementation could cause problems," adding, "How it is operated is very important." Previously, Yoon had agreed to actively promote the labor union and the labor union recommended director system.

Regarding recent questions about the fundamental causes of Lime Asset Management and derivative-linked funds (DLF), he said, "I don't think it is appropriate to answer as the president of the bank," and added, "I believe the bank's consumer protection function needs to be significantly strengthened."

In response to the question from Kim Sungwon, a lawmaker from the Future United Party, who criticized 'parachute appointments,' Yoon replied, "Please judge based on performance." He said, "I believe IBK plays a significant role especially in small and medium-sized enterprises related to finance," and added, "In the process of changing our economic industrial structure, small and medium-sized enterprises must survive to provide overall economic vitality, and in that regard, we can play many roles."

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