Joo Ho-young "Union financial transparency must be increased... Demand for Minochong accounting disclosure"

US and UK Under External Audit by Accounting Firms
"Failing to Disclose Accounts Funded by National Budget Is Hypocrisy"

Joo Ho-young, floor leader of the People Power Party, is attending the floor strategy meeting held at the National Assembly on the 20th and delivering opening remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Hyunju Lee, Boryeong Geum] Joo Ho-young, floor leader of the People Power Party, stated on the 20th, "The issue of financial transparency in labor unions is an area that does not receive any external audit attention, which is not befitting of their high social and political status," and emphasized, "Financial transparency of labor unions must be improved."

At the floor strategy meeting held that day, Floor Leader Joo said, "In advanced countries like the United States and the United Kingdom, most labor unions undergo audits by independent external accounting institutions."

He added, "South Korea should also improve the financial transparency of labor unions by legally requiring them to be audited by independent external institutions," and argued, "The Korean Confederation of Trade Unions (KCTU) has nothing to fear if they have been managing their finances transparently as they claim, and they should be the first to demand this."

He continued, "Claiming that accounts funded by the national budget cannot be disclosed is a typical case of double standards," and stressed the need for labor reform by saying, "The KCTU cannot stand above the constitution nor exist as a lawless zone."

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