Konex Association, Discord Over Selection of Members for KOSDAQ Market Committee

[Asia Economy Reporter Song Hwajeong] The KONEX Association is facing controversy over the selection of KOSDAQ Market Committee members whose terms expire next year.

According to the securities industry on the 31st, the current KOSDAQ Market Committee members recommended by the KONEX Association will have their terms expire in March next year. The current member is a former bureaucrat who served at the Ministry of Strategy and Finance and the Korea Exchange. Recently, as it became known that this member plans to seek reappointment, controversy has arisen. Some argue that this time, a person who can represent the voices of KONEX-listed companies should be selected as a committee member.

The financial authorities increased the number of externally recommended members through amendments to the Exchange's articles of association and KOSDAQ listing regulations in 2018, and the KONEX Association was also asked to recommend venture experts. The nine members of the KOSDAQ Committee are composed of individuals recommended by the Financial Services Commission, Ministry of SMEs and Startups, Bar Association, Venture Capital Association, KOSDAQ Association, KONEX Association, and Korea Financial Investors Protection Foundation, but the list of members is not disclosed.

A representative of a KONEX-listed company said, "Currently, the Venture Capital Association has a vice president from the association, and the KOSDAQ Association also has a director who is a representative of a KOSDAQ-listed company, so experts affiliated with the associations reflect the associations' opinions," adding, "Among KONEX-listed companies, there is an opinion that, like other associations, representatives or executives of KONEX-listed companies should participate to better convey the difficulties and voices of KONEX-listed companies." Another official said, "There is a mood that the current member’s reappointment is a foregone conclusion," and added, "Unlike the KOSDAQ Association or the Venture Capital Association, the KONEX Association seems to be bypassed, which is disappointing."

The KONEX Association stated that it will decide on the recommendation of the next committee member at the board meeting to be held next month. Kim Hwansik, chairman of the KONEX Association, said, "The recommendation of the next KOSDAQ committee member is a matter for board consultation and will be decided at the board meeting held at the end of January," adding, "Nothing has been discussed yet."

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