Accountants Association President Decision Tomorrow...First Implementation of Electronic Voting as a Variable

Kim Young-sik vs Chae I-bae Expected in Two-Way Contest

[Asia Economy Reporter Park Ji-hwan] The election for the president of the Korean Institute of Certified Public Accountants (KICPA), representing over 22,000 accountant members, is just one day away. In the accounting industry, Kim Young-sik, chairman of Samil Accounting Corporation, is seen as the frontrunner in this election race, but there is also interest in whether former Minsaeng Party lawmaker Chae E-bae will succeed in a last-minute comeback.

According to the KICPA on the 16th, the 45th KICPA presidential election will be held on the 17th from 9 a.m. to 2:30 p.m. via online electronic voting. The final election results are expected to be decided around 3 p.m. This election features a record five candidates: Chairman Kim, former lawmaker Chae, Vice Chairman Jeong Min-geun of Anjin Accounting Corporation, CEO Choi Jong-man of Shinhan Accounting Corporation, and Professor Hwang In-tae of Chung-Ang University. The newly elected KICPA president will begin an official two-year term starting on the 18th.

This election is widely analyzed as pivotal due to the first implementation of electronic voting. Until now, KICPA presidential elections were conducted entirely through in-person voting. Large accounting firms provided conveniences such as excluding voting time from work hours and chartering buses to enable their accountants to participate, making these accountants’ votes decisive in the election outcome. Accountants from local or small- and medium-sized firms, or those on leave, found it difficult to attend the election venue in person, which inevitably led to less interest in the KICPA presidential election.

With the COVID-19 pandemic prompting the first-ever online voting, the votes of young, female, and small- to medium-sized firm accountants?previously marginalized in traditional voting?have emerged as a decisive factor. The five candidates are also making final efforts to capture these undecided voters. Until last week, candidates visited groups such as the Young Certified Public Accountants Association, the Small and Medium Accounting Firms Council, and the Women Certified Public Accountants Association, delivering 10-minute policy presentations and exchanging opinions to appeal for votes.

So far, the most likely scenario is a two-way race between Kim Young-sik and Chae E-bae. Although Kim is considered somewhat ahead, most agree that the outcome is difficult to predict. The nature of a multi-candidate election, where votes can be split, is also a significant variable. Votes within the accounting industry may be divided between large firms and small- to medium-sized firms. In this regard, the Chae camp, which is perceived as more flexible, is expected to benefit.

An industry insider said, "On the surface, it seems candidates are supported based on frames such as large firms, small- to medium-sized firms, and youth groups, but no one knows if this atmosphere will continue through to the actual voting," adding, "What is certain is that since no candidate dropped out midway, it has become difficult to avoid vote splitting."

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