Shinhyup to Elect Next Year’s Central Chairman by Direct Vote... "Election Entrusted to Central Election Commission"

Exterior view of the ShinHyup Central Association building in Seo-gu, Daejeon.

[Asia Economy Reporter Song Seung-seop] The National Credit Union Federation of Korea (NACUFOK) plans to entrust the Central Election Management Committee with the management of the election for the federation president scheduled for the 22nd of next month. Additionally, the election method will change from the existing indirect election system to a direct election system.

According to industry sources on the 12th, the Central Election Management Committee recently notified NACUFOK of its decision to manage the '33rd NACUFOK President Election'. NACUFOK will discuss key election management matters such as the election period, voting hours, and vote counting and management with the committee, and both parties have agreed to cooperate to ensure a fair election.

This election will be conducted by direct vote. With the revision of the Credit Union Act and the federation's bylaws, the indirect election system, where 200 delegates were elected, has been abolished. The electorate consists of all 873 credit union chairpersons and the NACUFOK president.

The management of the NACUFOK president election affairs will be entrusted to the Central Election Management Committee. A reward system to prevent election overheating and fraudulent elections will be introduced, and a deposit system to prevent an excessive number of candidates will also be established.

An Byeong-dae, chairman of the NACUFOK Election Management Committee, stated, "This is the first election conducted after the introduction of the direct election system for the federation president," adding, "We expect that the improved election system will better reflect the will of the credit union members."

Meanwhile, the Central Election Management Committee will hold a candidate briefing session at the NACUFOK headquarters in Seo-gu, Daejeon, on November 15. Candidates must be members of NACUFOK member credit unions and must not have any disqualifications for candidacy as stipulated in the bylaws.

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