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 Financial Supervisory Service (FSS) chief, Lee Chan-jin, called for the implementation of fairness and transparency measures in the selection of chief executives for bank-affiliated entities. During a meeting with eight bank holding company heads, Lee emphasized the need to prioritize fair and transparent selection processes for these executives.
The watchdog agency has been actively working on developing measures to strengthen the governance structure of financial holding companies, particularly focusing on fair and transparent CEO selection practices. Lee also stressed the importance of enhancing internal control schemes within banks, as financial accidents have been on the rise.
According to the FSS, there were 171 billion won ($126 million) in financial accidents reported in the banking sector during the first seven months of the year. This marks a significant increase from the 69.6 billion won reported in 2023.
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.
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