Nae Jae-cheol, Chairman of the Korea Financial Investment Association, Announces Non-Candidacy: "New Leadership Needed for Capital Market"

Next Candidates Fully Equipped with Capabilities
Will Address Remaining Tasks During Term

Jaecheol Na, Chairman of the Korea Financial Investment Association

[Asia Economy Reporter Hwang Junho] Na Jae-cheol, Chairman of the Korea Financial Investment Association, has declared that he will not run in the 6th Financial Investment Association chairman election.

On the 1st, Chairman Na stated in his withdrawal declaration, "After much deliberation, I would like to announce that I have decided not to run in the next Financial Investment Association chairman election." He continued, "Some CEOs of member companies have encouraged me to run again, but I have ultimately decided that a new chairman should lead the capital market."

He said, "On the day of the 5th chairman election, I said I would not seek re-election, and I cannot break that promise." He added, "There have been many achievements such as the introduction of the default option, expansion and reform of ISA, and advancement of financial investment taxation. Also, there are many tasks to complete, including the establishment of ATS, so there were many recommendations to challenge for re-election. However, I believe that the single-term promise should not be broken for any reason, and that is why I made this decision."

Regarding the candidates who have declared their intention to run so far, he said, "All of them are fully capable of representing the capital market," and added, "My belief that they have sufficient capability to revitalize the capital market with the help of excellent association executives relieved my shoulders."

Finally, he emphasized, "Although the credit crunch is easing due to the government's active response, the situation is still not one to be complacent about," and said, "I believe that the current chairman engaging in election campaigning at this critical time when support for the normalization of the funding market is needed could lead to a case of losing the big for the sake of the small."

Chairman Na expressed, "I sincerely thank the government and supervisory authorities who helped me complete my three-year term safely, as well as the association executives and staff who have devoted themselves to the development of the capital market," and said, "During the remaining term as chairman, I will do my best to manage a fair election above all else and to properly complete the tasks I have been pursuing."

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