FSS Chief Lee Chanjin: "Governance Reform Plan to Be Announced Next Month... It Won't Take Long"

Remarks Made at the Korea Chamber of Commerce and Industry Meeting on the 23rd

"Financial Services Commission to Announce After Presidential Approval"

ELS Sanctions "Decision Expected Soon from the Financial Services Commission"

Lee Chanjin, Governor of the Financial Supervisory Service, announced that the "Measures for Advancing the Governance Structures of Financial Companies," a topic of keen interest in the financial sector, may be released as early as the beginning of next month. He also stated that the Financial Services Commission is expected to finalize, possibly as early as the beginning of next month, the amount of fines to be imposed on financial institutions in connection with the incomplete sales of Hong Kong H-Index (Hang Seng China Enterprises Index, HSCEI) equity-linked securities (ELS).

On the morning of the 23rd, at the Korea Chamber of Commerce and Industry building in Jung-gu, Seoul, Lee Chanjin, Governor of the Financial Supervisory Service, gave a lecture on the theme "Changes in the Financial Environment and Directions for Financial Supervision" at the "Invitation Meeting with the Governor of the Financial Supervisory Service and the 45th Full Meeting of the Financial Industry Committee of the Korea Chamber of Commerce and Industry." The Korea Chamber of Commerce and Industry

Governor Lee spoke to reporters right after the "Invitation Meeting with the Governor of the Financial Supervisory Service and the 45th Full Meeting of the Financial Industry Committee of the Korea Chamber of Commerce and Industry," hosted by the Korea Chamber of Commerce and Industry at its headquarters in Jung-gu, Seoul, on the morning of the 23rd.

When asked about the timing of the announcement of the governance guidelines, as the annual general meeting season for financial companies begins in earnest with Woori Financial Group, Lee responded, "I am not in a position to comment on that right now," avoiding a direct answer. Regarding the timing of the measures currently being discussed by the Governance Advancement Task Force, he said, "Once the task force organizes the legislative agenda and the presidential office gives final approval, the Financial Services Commission will make the announcement. I expect it will be announced sometime next month and that it will not take long." He added, "A release within this month is physically impossible."

Jin Okdong, Chairman of the Financial Industry Committee at the Korea Chamber of Commerce and Industry and Chairman of Shinhan Financial Group, was reserved, saying, "We will be able to state a concrete position only after we have reviewed the contents" regarding the governance measures.

Governor Lee also predicted that the Financial Services Commission would soon decide on imposing fines in relation to the incomplete sales of Hong Kong H-Index ELS. He stated, "The ELS matter is being discussed at the regular meetings of the Financial Services Commission, and I believe it could be concluded soon." Some in the financial sector had anticipated that a decision might be made at the regular meeting of the Commission on the 18th, but it has been postponed until next month due to the need for further discussion.

On the morning of the 23rd, at the Sangyi Hall in Jung-gu, Seoul, Jin Okdong, Chairman of the Financial Industry Committee at the Korea Chamber of Commerce and Industry and Chairman of Shinhan Financial Group, delivered a greeting at the 'Financial Supervisory Service Governor Invitation Meeting and the 45th General Meeting of the Korea Chamber of Commerce and Industry Financial Industry Committee.' Korea Chamber of Commerce and Industry

During the meeting, where he gave a lecture on "Changes in the Financial Environment and Directions for Financial Supervision," Governor Lee once again emphasized the importance of protecting financial consumers through the use of new technologies such as artificial intelligence (AI). Lee Seokhyun, CEO of Hyundai Marine & Fire Insurance, commented, "Governor Lee placed significant emphasis on the correlation between consumer protection and the use of new technologies in his broad discourse."

About 40 business leaders, including chief financial officers (CFOs) from both financial and non-financial sectors, attended the Financial Industry Committee of the Korea Chamber of Commerce and Industry on this day. Participants from the financial sector included Chairman Jin Okdong, Pyeon Jeongbeom, Special Management Advisor at Kyobo Life Insurance, Lee Seokhyun, CEO of Hyundai Marine & Fire Insurance, Lee Wansam, Vice President (attending on behalf) of Samsung Life Insurance, Jeong Sindong, Head of the Management Research Institute (Executive Director) at KB Financial Group, Song Yonghoon, Deputy President of KB Kookmin Bank, and Jeong Heesu, Head of the Financial Research Institute at Hana Financial Group. Non-financial sector attendees included Kim Dongwook, Vice President of Hyundai Motor Group, Shin Yongin, Vice President of Hanwha Corporation, Choi Nuri, Vice President of GS, Yeo Myunghee, Vice President of LG Uplus, and Kim Sehoon, CEO of Dongwon Industries' holding division.

In his welcoming remarks, Chairman Jin stated, "Amid external risks such as recent instability in the Middle East, how much financial companies can share the difficulties of small and medium-sized enterprises will determine the resilience of the market," adding, "It is important for market participants to engage with a sense of consensus and professional ethics in response to the recent rapid money movement."

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