[2020 National Audit] Financial Holding Chairmen Eun Seong-su and Yoon Seok-heon Show Divergent Views on 'Self Renewal'

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[Asia Economy Reporter Kim Min-young] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 23rd regarding the issue of 'self-renewal' by financial holding company chairmen, "It is the right direction for shareholders or board members to closely monitor this."

Chairman Eun made this remark during the comprehensive audit of the Financial Services Commission and the Financial Supervisory Service held by the National Assembly's Political Affairs Committee, in response to Kang Min-kook, a member of the People Power Party, who pointed out the need for measures to prevent the abuses of financial holding company chairmen who "reign like emperors."

Chairman Eun added, "I convey to the financial holding companies that I hope they consider the concerns of the Political Affairs Committee members, but I refrain from intervening as it seems to be overstepping to decide who can and who cannot (renew their term)."

Following Chairman Eun's remarks, Yoon Seok-heon, Governor of the Financial Supervisory Service, said, "It is necessary to regulate the self-renewal part more strictly."

Governor Yoon continued, "I agree with the criticism that the responsibility and authority of the financial holding company chairmen are not proportional," and added, "I hope the chairman no longer participates in the executive candidate recommendation committee."

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