Lee Bokhyun: "Board Expertise Is the Foundation for Transparent Decision-Making in Financial Institutions"

FSS Signs Agreement with Financial Holding Companies
to Strengthen the Capacity of Outside Directors

Lee Bokhyun, Governor of the Financial Supervisory Service (right), and Seo Yooseok, Chairman of the Korea Financial Investment Association, are attending the "Open Discussion for Revitalizing the Korean Stock Market" held at the Korea Exchange in Yeouido, Seoul, on February 6, 2025. Photo by Yoon Dongjoo

On February 13, Lee Bokhyun, Governor of the Financial Supervisory Service, stated, "Enhancing the expertise of boards of directors is not merely about developing the capabilities of individual outside directors; it serves as a crucial foundation for balanced and transparent decision-making at the level of financial institutions."

Governor Lee made these remarks while attending the "Business Agreement Ceremony for the Training and Capacity Building of Outside Directors" held at the Korea Institute of Finance and Training earlier that morning. He added, "We will strengthen communication with the boards of financial institutions to share a blueprint for sound corporate governance, and we will actively reflect any suggestions in the future."

Governor Lee emphasized, "It is extremely important to provide systematic education tailored to the purpose, so that boards of directors, which handle complex and specialized management issues, can fulfill their roles more effectively." He continued, "I hope that today’s event will serve as a meaningful starting point for enhancing the board’s strategic insight and expertise, thereby taking a significant step toward the advancement of corporate governance."

This agreement ceremony was organized to establish a systematic educational infrastructure for the training and capacity building of outside directors. Financial institutions and their boards plan to actively support the newly revamped training programs, which have been adjusted to align with the work cycles of outside directors.

Meanwhile, since December 2023, the Financial Supervisory Service has continued to communicate with the industry in order to establish exemplary practices. These practices are designed to ensure that the boards of financial holding companies can establish sound corporate governance by enhancing their expertise, independence, and diversity.

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