Lee Bok-hyun, Financial Supervisory Service Chief, "Chairman Cho Yong-byeong's Resignation, I Think He Is Respectable as a Leader"

Lee Bok-hyun, Governor of the Financial Supervisory Service

[Asia Economy Reporter Bu Aeri] On the 21st, Lee Bok-hyun, Governor of the Financial Supervisory Service, expressed personal high respect for Cho Yong-byeon, Chairman of Shinhan Financial Group, who stepped down ahead of a possible third term.

After attending the 'Retirement Pension Operators Meeting for the On-site Settlement of the Pre-designated Operation System' held at Lotte Hotel in Jung-gu, Seoul, Lee told reporters, "I thought there was a possibility that Chairman Cho would serve a third term. He evaluated his own achievements and the shortcomings in consumer protection, and decided to yield his position to his juniors," he said.

In the financial sector, the possibility of Chairman Cho's third term was widely anticipated. However, at the Chairman Candidate Recommendation Committee held on the 8th, Cho announced his intention to step down, and Jin Ok-dong, President of Shinhan Bank, became the final candidate for the next CEO Chairman.

Regarding Sohn Tae-seung, Chairman of Woori Financial Group, Lee also expressed agreement with Financial Services Commission Chairman Kim Ju-hyun's remarks that "the CEO should be held accountable."

He said, "In principle, the financial authorities expressed their stance on CEO appointments concerning the profitability and social contribution of important financial institutions. After several in-depth discussions, the decision was made unanimously. As a member of the Financial Services Commission, I have no objections," he stated.

On the controversy over government intervention in the appointment of the next IBK Industrial Bank of Korea President, Lee dismissed it as "a story that deviates from the essence," adding, "The appointing authority will have various considerations, but depending on the leadership and control needed for the development and support of small and medium enterprises, the leader may come from inside or outside."

Regarding BNK Financial Group, Lee said, "(The CEO appointment) was operated somewhat closedly, so we pointed it out according to regulations, and the group reflected this and made corrections." He added, "If the candidates on the current long list include old personnel, politically biased individuals, or controversial figures, the outside directors will filter them out."

On the parachute controversy arising from the nomination of former Prime Minister's Office Coordinator Lee Seok-jun as Chairman of NH Nonghyup Financial Group, Lee said, "It is an institution with a major shareholder, and I understand the major shareholder made the decision." He countered, "Since there appears to be a controversy over government intervention, saying 'I hope they don't do that' is actually government intervention itself."

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