"The Next Chairman of the Korea Financial Investment Association Is Mine" The Battle Among Five Candidates Begins

Nae Jae-cheol, Chairman of the Korea Financial Investment Association, Declares Non-Candidacy for Next President Election
Intense Competition Expected Among 5 Candidates Who Declared Candidacy

[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 chairman election of the Financial Investment Association. With Na, a leading candidate, deciding not to run, a fierce competition among the five candidates who have declared their candidacy is expected.

According to the financial investment industry on the 2nd, the association plans to hold an extraordinary board meeting around the 9th to form a candidate recommendation committee for the chairman election. The board consists of Choi Hyun-man, chairman of Mirae Asset Securities, Kim Seong-hoon, CEO of Kiwoom Asset Management, as non-standing vice chairmen, six public interest directors including university professors, two member directors including Kim Gyu-cheol, CEO of Korea Asset Trust, and Kim Shin, CEO of SK Securities.

They will gather to form the recommendation committee. Board members can also be part of the committee, and a third party may be included as well. The committee’s role is to announce the chairman election, verify applicants, and shortlist candidates eligible to run. Through the verification process, usually 2 to 3 candidates emerge, who typically campaign until the day before the vote. Considering that Chairman Na’s term ends at the end of this year, and taking into account work handover and holidays, the voting date is likely to be on the 23rd of next month. Voting will be conducted by CEOs of regular member companies (59 securities firms, 308 asset management firms, 14 real estate trust companies, 4 futures firms, totaling 385 companies). Voting rights are allocated differently according to membership fee contribution rates.

Currently, five individuals have declared their intention to register as chairman candidates: Gu Hee-jin, former CEO of Daishin Asset Management; Kim Hae-jun, former CEO of Kyobo Securities; Seo Myung-seok, former CEO of Yuanta Securities; Seo Yoo-seok, former CEO of Mirae Asset Management; and Jeon Byung-jo, former CEO of KB Securities. However, some of them may withdraw before official registration, and new candidates may also register. Incumbents are also eligible to register. For example, Chairman Na ran for the association chair while serving as CEO of Daishin Securities.

Na was considered a strong candidate in this election. However, he stated, "Since I declared that I would not seek re-election during the 5th chairman election, I could not go back on that promise," adding, "All the candidates who declared their candidacy are fully capable representatives of the capital market, which has lightened my burden."

With the leading candidate withdrawing, the candidates are expected to intensify their campaigns. Especially since past association chairmen have come from securities firms, those who have served as asset management CEOs will likely target securities firm CEOs, and securities firm CEOs are expected to meet with asset management CEOs to gather even a single vote.

One candidate said, "I am working tirelessly for the election campaign, but my first goal is to pass the recommendation committee," adding, "I am fully prepared to pass the committee."

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