[Desk Column] Qualifications of a Leader

Financial Supervisory Service Head Yoon Seok-heon Faces Internal Turmoil Two Months Before Term Ends
Controversies Over KIKO, Cancer Insurance, and Private Equity Scandals During Tenure
Union Demands Resignation Over Hiring Corruption, Shaking Leadership

[Asia Economy Lee Chohee, Head of Finance Department] You may have wondered at least once whether good people always do good deeds and bad people only do bad things. You often see people around you described as "That person is kind and smart, but sometimes frustrating." If you ask an employee under that person, "How is your boss?" the response will likely be one of two types.

If they answer, "Ah, they are a really good person," it usually means they are not very close. If the person makes an awkward face or scratches their head and says, "Well..." hesitating, they are probably being quite honest. Just as kind people do not necessarily do good deeds, people known as nice are not always good bosses. In fact, the opposite is often true in life.

In primitive tribal societies, leaders rose to the top solely based on ability. Therefore, they had to be outstanding in every aspect. However, during the era of civilization and stable monarchies, the emergence of poor leaders became more frequent. In hereditary dynasties, one could ascend to power simply by bloodline. The appearance of unverified leaders directly led to the suffering of the people, and dark history repeatedly unfolded, as seen countless times in the Joseon Dynasty alone.

Even in modern times, many problems arise from unverified leaders. To put it kindly, appointed officials, or more cynically called "parachute appointments," in public institutions are typical examples. Yoon Seokheon, Governor of the Financial Supervisory Service (FSS), was a respected figure known for his prestigious academic background and reformist financial expertise. However, since his appointment as FSS Governor in 2018, he has sparked continuous controversy. During his three-year term, there was not a single quiet day at the FSS.

Recently, with only two months left before his retirement, Governor Yoon shook the organization by appointing personnel involved in hiring irregularities. The labor union, once his strongest ally, demanded his resignation. Even the deputy governors issued statements trying to manage the situation, but it was insufficient. The anger of FSS employees, who faced staff reductions and bonus cuts due to the 2017 hiring scandal, has not easily subsided. The sense of betrayal toward the governor, who was expected to protect the FSS’s independence and maintain a balanced financial supervisory policy between the industry and government, was profound.

At last year’s National Assembly inspection by the Political Affairs Committee, Governor Yoon attributed the Lime and Optimus private equity fund scandals, which caused losses worth billions of won, to "the government’s failure in financial industry promotion policies." Although the FSS, led by Governor Yoon, holds supervisory authority over financial companies, he pointed to the Financial Services Commission as the cause of the problem. CEOs of financial companies were also heavily disciplined for poor sales practices. This has led to criticism that he is shifting responsibility.

One of the world’s top companies, Google, analyzed data on over 10,000 managers in 2008 under the "Project Oxygen." From this, they identified five characteristics of the bottom 20% "worst managers." Notably, these included blaming others for mistakes, being autocratic, and having a high-handed work attitude.

Unrealistic beliefs are stubbornness. Conflict without alternatives is just strife. Mencius said, "When governing people, if they do not follow me, I should examine whether my leadership is at fault." If everyone around you turns away, it is time to seriously reconsider your qualifications as a leader.

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