[2023 National Audit] Financial Supervisory Service Chief: "CEO Must Take Responsibility for Repeated Internal Control Failures"

National Assembly Audit of the Financial Supervisory Service on the 17th

Lee Bok-hyun, Governor of the Financial Supervisory Service, is attending the meeting between the Financial Services Commission Chairman and the Financial Association Presidents held at the Press Center in Jung-gu, Seoul on the 22nd, delivering opening remarks. Photo by Yoon Dong-joo doso7@

Lee Bok-hyun, Governor of the Financial Supervisory Service, stated, "I believe that repeated, serious, and unacceptable failures by the CEOs and CFOs of financial companies should be held accountable."

At the National Assembly's Financial Services Committee audit held on the 17th, Governor Lee said, "The judgments of the top executives, including CEOs and CFOs of financial companies, have led to internal key performance indicators (KPIs) having a tendency to pursue profits excessively and to be overly maximized."

He continued, "A revision bill to the Governance Act has been submitted centered on the Financial Services Commission," adding, "We will continuously make efforts to detect financial accidents and hold management strictly accountable."

During the audit, Choi Seung-jae, a member of the People Power Party, pointed out, "Although the Financial Supervisory Service announced an internal control innovation plan, it is not functioning properly," emphasizing the need for punishment of the management of financial companies where financial accidents have occurred.

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