[Notice] Seoul Asia Financial Forum to be Held on May 25

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A bank employee embezzled 60 billion won, private equity funds were sold irresponsibly leading to disciplinary actions, rubber-stamp outside directors, and a financial holding company chairman with a long-term grip on power. These are the events that have occurred in South Korea's financial holding companies and banks over the past year.

As incidents and accidents surrounding financial companies continued, President Yoon Suk-yeol stated in February, "We must modernize the governance of ownerless companies with dispersed ownership, including financial companies." Since then, financial authorities have been working on improvement plans regarding 'governance and internal control systems.'

Most people might think, "What does the governance and internal control of financial companies have to do with me?" but in reality, they are closely related. For example, the performance of a holding company chairman is crucial for reappointment. This is also why banks sold products like reckless private equity funds to boost short-term performance.

If management were evaluated based on long-term performance and there were outside directors who voiced critical opinions, thereby eradicating the practice of 'automatic reappointment,' such products would not find a place at bank counters. Incidents of embezzlement of customers' entrusted funds are also unlikely to occur in transparent and dynamic organizations. Ultimately, improving governance and internal control will allow financial consumers to be better protected.

In this spirit, Asia Economy Newspaper will hold the 12th Seoul Asia Financial Forum on May 25 under the theme "Desirable Financial Company Governance and Internal Control Systems." Top domestic and international financial experts will introduce vivid cases and various systems to find suitable solutions for South Korean financial companies.

In the morning session, Zubin Mogul, a partner and global financial governance expert from the world-renowned consulting firm McKinsey, will deliver the keynote speech titled "Financial Company Governance: Lessons from Global Advanced Systems." The second keynote will be given by Professor Yasuhiko Kawaguchi from the Faculty of Law at Doshisha University, Japan, on "Japan's Independent Outside Director System and Financial Company Governance." Following that, David Hsu, Chief Compliance Officer of Citibank Hong Kong, will present on "How Citibank Operates Governance and Internal Controls."

The afternoon session will focus on domestic financial companies. Professor Myunghyun Cho of Korea University, former president of the Korea Corporate Governance Service, will open with "Problems of Corporate Governance in South Korea Examined through Actual Cases and Directions for Financial Company Governance Reform." Senior Research Fellow Hyoseop Lee from the Korea Capital Market Institute will continue with a lecture titled "Reasons Why Internal Control Systems of Korean Financial Companies Do Not Work and Solutions."

Presentations from legal and governmental perspectives will follow. Professor Jongho Kwon of Konkuk University Law School will propose "Problems and Innovation Tasks of South Korean Corporate Governance from a Legal Perspective." Director Hyungjoo Lee of the Financial Policy Bureau at the Financial Services Commission will present a blueprint on "Government Policy Directions for Improving Financial Company Governance and Internal Control Systems." We encourage those interested to participate actively.

Date and Time: May 25 (Thursday) 09:00~15:30

Venue: Grand Ballroom (1F), Westin Chosun Hotel, Sogong-dong, Seoul

Event Introduction and Registration Homepage https://www.asiaeforum.co.kr/2023saff/

Contact: (02)742-1915

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