Watchdog chief calls for fairness, transparency in CEO selection process
The chief of the country's financial watchdog said Wednesday that bank holding companies need to draw up measures to boost fairness and transparency in selecting chief executives of their affiliates. In a meeting with the heads of eight holding companies of banks, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), urged them to redouble their efforts to select chief executives of…
The governor of South Korea's financial watchdog, Lee Chan-jin, called for greater fairness and transparency in selecting chief executives of bank-affiliated companies in a recent meeting. Speaking to the heads of eight bank holding companies, Lee emphasized the need for measures to ensure a more equitable and clear selection process.
The Financial Supervisory Service (FSS) has been actively working on developing measures to strengthen the governance structure of financial holding companies. This focus is particularly important given the increasing number of financial accidents in the banking sector. Lee highlighted that financial accidents in the banking industry have been on the rise, with a total of 171 billion won ($126 million) reported in the first seven months of the year, a significant increase from 69.6 billion won in 2023.
In response to these concerns, Lee stressed the importance of enhancing internal control schemes within banks. By strengthening these internal controls, banks can better manage risks and ensure that the selection of their chief executives is conducted fairly and transparently.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
