Despite Strong Union Struggles, Unusual Reappointment of Credit Guarantee Fund's Audit

New Standing Auditor's Term Extended by One Year Until October 14 Next Year

[Asia Economy Reporter Park Sun-mi] Despite the union's head-shaving protest and sit-in demonstration in front of the Blue House, the Korea Credit Guarantee Fund (KODIT) confirmed the extension of Shin Dae-sik's term as Standing Auditor. This is the first time in KODIT's 45-year history that an auditor's term has been renewed.

According to KODIT on the 15th, Auditor Shin, who has held the auditor position since October 2018, will maintain his post for one more year until October 14 next year with this confirmed extension.

A KODIT official stated, "As KODIT is a quasi-governmental institution, the appointment authority for the auditor's selection and reappointment lies with the President according to the Public Institution Management Act," adding, "We follow the decision once it is made."

The unusual reappointment of Auditor Shin can be attributed to his excellent audit evaluations, which make the renewal seem entirely reasonable from an external perspective. Auditor Shin received an A grade in the Public Institution Standing Auditor Performance Evaluation conducted by the Ministry of Economy and Finance, which early on increased the likelihood of his reappointment. Additionally, he scored a high 96 points in an external satisfaction survey regarding KODIT's audit.

However, internal evaluations regarding the appropriateness of Auditor Shin's reappointment are completely different. A KODIT union official pointed out, "The fact that Auditor Shin was a parachute appointee under the Moon Jae-in administration likely influenced this reappointment decision," and criticized it as "an unfair decision that completely disregarded the strong internal opposition to the reappointment."

KODIT Union Begins Overnight Tent Sit-in
"97% of Employees Oppose Auditor's Reappointment"

The union stated that they cannot accept this unprecedented situation where the reappointment was secured by relying on political backing from the administration. Since the day before, the union has started an indefinite overnight tent sit-in in front of KODIT’s headquarters in Daegu opposing Auditor Shin’s reappointment. Starting next week, after the National Assembly’s audit concludes, they also plan to block Auditor Shin’s commute to work in front of the headquarters.

When Auditor Shin was appointed in 2018, he was also labeled a parachute appointee, and now he faces the challenge of resolving discord with the union, though a quick resolution seems unlikely. The union stated, "Auditor Shin has not made any official proposals for dialogue with the union on how to restore his strained relationship with the employees."

After the reappointment was confirmed, the union issued a statement expressing anger, saying, "We are outraged that the auditor’s reappointment, opposed by 97% of employees, was forcibly carried out based on unreasonable standards and absurd grounds." The union condemned, "Auditor Shin has treated fellow employees as potential lawbreakers and has engaged in excessive and abusive audits over the past two years. The humiliating reality that he ranked last among seven executives in management evaluation surveys throughout his term, and that 97% of respondents in a survey of all employees opposed his reappointment, is the true dismal record."

Previously, the union held a head-shaving ceremony in front of the Blue House, protesting Auditor Shin’s reappointment. Park Hong-bae, chairman of the Financial Union and a top member of the ruling party, appeared at the press conference where Kim Jae-beom, head of the KODIT union branch, performed the head-shaving. Park said, "The Blue House judges that Auditor Shin is doing well, but the reappointment of a parachute appointee and the resulting union opposition are unprecedented. Despite the controversy over being a parachute appointee, Auditor Shin should have performed better in his role."

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