The Start of the ShinHyup Election... Will Kim Yunsik Succeed in His First Re-election as Chairman?

Pre-Candidate Briefing Session at Shinhyeop Hall on the 15th
'Deposit of 50 Million Won' Rule Likely to Reduce Candidates
Direct Election System Introduced, Central Election Commission to Oversee
Elected Candidates to Begin 4-Year Term from March 2022

Kim Yoon-sik, President of the National Credit Union Federation of Korea.

[Asia Economy Reporter Song Seung-seop] The curtain has risen on the election for the Chairman of the National Credit Union Federation of Korea (NACUFOK), held by direct vote for the first time in 22 years. While it is widely expected that the number of candidates will somewhat decrease, the current NACUFOK Chairman Kim Yoon-sik is challenging for re-election. Industry attention is focused on this election, as no chairman has succeeded in securing a consecutive term during the period when the election was conducted by indirect vote.

According to NACUFOK on the 16th, the Central Election Commission held a preliminary candidate briefing session for about an hour at 2 p.m. the previous day at the NACUFOK building in Seo-gu, Daejeon. This was to notify those considering candidacy ahead of the registration for the 33rd chairman election about precautions and schedules.

According to NACUFOK officials and close associates, Chairman Kim Yoon-sik will also run in this election. One official said, "It is not yet known which candidates will come forward," but added, "Chairman Kim will challenge for the chairman position starting next year." It is also known that Chairman Kim himself has expressed his intention to seek re-election through the media and acquaintances since 2018. Although NACUFOK regulations allow the chairman to serve consecutive terms, no one has succeeded since 1999.

Although there is still some time before the full-scale campaign begins, it is expected that Chairman Kim will face fewer competitors than in the past. This is because a deposit system to prevent an excessive number of candidates was introduced following amendments to the NACUFOK Act and its bylaws. Typically, 5 to 7 candidates run for the NACUFOK chairman election, making the competition fierce. From now on, candidates must pay a deposit of 50 million KRW to register. To receive a full refund, candidates must secure at least 15% of valid votes, making it difficult to enter the race lightly.

Transition to Direct Election, Advanced Election Date... 'Variables Everywhere'

The transition to direct election and the involvement of the Central Election Commission are cited as major variables in the election. Previously, 200 delegates elected the chairman through an indirect vote, but this time, 873 union chairpersons and the NACUFOK chairman will directly elect the chairman, increasing the number of voters more than fourfold. Additionally, the Central Election Commission is overseeing the NACUFOK election for the first time. Detection of various illegal or manipulative campaign tactics could change the election outcome.

Opinions are divided on the effectiveness of the newly introduced reward system. It was implemented to prevent excessive overheating and election fraud, but some argue that a certain level of intense competition is inevitable for the first direct election.

However, the fact that the election date has been moved forward by about two months is widely seen as advantageous to Chairman Kim. Traditionally, the NACUFOK chairman election was held through a general meeting at the end of February. But this time, it will be held on December 22. This is because the presidential election is scheduled for March 9 next year, making it difficult for the Central Election Commission to oversee the NACUFOK election then. New candidates will inevitably have limited campaign time.

The NACUFOK chairman election announcement will be made by the 22nd. Candidate registration is possible from the 30th to the 1st of next month. The elected candidate will serve as chairman for four years starting March 1, 2022.

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