FSS Union: "Woori Financial Group Chairman's Reappointment Attempt Ignores DLF Victims"

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[Asia Economy Reporter Kangwook Cho] The Financial Supervisory Service (FSS) labor union issued a statement on the 18th criticizing Sohn Tae-seung, Chairman of Woori Financial Group, for attempting to secure a second term. The core of the criticism is that this behavior disregards customers who suffered losses from the overseas interest rate-linked derivative-linked fund (DLF) scandal.

The National Office and Financial Services Labor Union FSS Branch (FSS Union) released a statement titled "A Bank That Does Not Care About Customers," asserting that "the DLF scandal is a fraud that made customers suffer twice" and that "the fundamental cause of the DLF scandal was the performance pressure on bank management."

The FSS Union pointed out, "Chairman Sohn emphasized performance-oriented management from the outset of his tenure, and bank employees' promotions and bonuses were strictly linked to financial product sales," adding, "It seems he believes he has no further responsibility since generous compensation for DLF losses is planned."

Furthermore, the FSS Union stated, "The financial industry is built on trust, and if consumer confidence is damaged, its long-term survival could be at risk," questioning, "Woori Bank received public funds twice during the foreign exchange crisis and the financial crisis, so if the CEO does not take responsibility despite causing astronomical losses to customers, who can trust Woori Bank?"

They continued, "Although the outside director system was introduced to monitor the CEO, the Woori Financial Group board of directors has acted as a bulletproof board supporting Chairman Sohn rather than consumers," and added, "Woori Financial should accept social demands for improvements in the composition and operation of the board."

Earlier, on January 29, a day before the disciplinary committee meeting for Chairman Sohn Tae-seung, the FSS Union also issued a statement saying, "The Financial Services Commission should not be cautious but hold the CEO strictly accountable."

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