Lee Bok-hyun, Financial Supervisory Service Chief: "Financial CEOs Must Meet Public Expectations... No External Pressure"

Lee Bok-hyun, Governor of the Financial Supervisory Service, is briefing on the results after a meeting with the chairpersons of bank holding company boards at the Bankers' Hall in Jung-gu, Seoul, on the afternoon of the 14th.
[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] Lee Bok-hyun, Governor of the Financial Supervisory Service (FSS), emphasized on the 14th that "there must be standards that meet the public's expectations in the process of selecting a successor for the Chief Executive Officer (CEO)."

Governor Lee met with reporters immediately after attending the 'Bank Holding Company Board Chairpersons Meeting' held at the Bankers' Hall in Jung-gu, Seoul, and stated, "The financial authorities absolutely have no intention of making specific plans regarding CEO appointments, as it is an issue that the board of directors should control," but added, "There has been some discussion to a certain extent."

On the 10th, following Sohn Tae-seung, Chairman of Woori Financial Group, receiving a disciplinary warning due to responsibility for the Lime Fund incident, there was speculation that a lawsuit might be filed against the financial authorities. Governor Lee commented, "I believe the party involved will make a wiser decision," which was interpreted by the financial sector as a signal to Sohn to refrain from litigation.

Governor Lee stated, "It literally means that I hope the best judgment is made by comprehensively considering the recent difficult economic situation and various positions of the financial institution aiming to become an advanced financial institution in the future," and refuted, "It is not at all about external pressure or keeping a specific mission in mind." He added, "There is absolutely no intention or method to influence the selection of the CEO successor."

He also explained, "If there are people who have properly established and implemented control standards and those who have not, the financial authorities inevitably have to scrutinize the latter more closely and exercise tight supervision," adding, "This is very common sense and obvious."

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