The Monetary Supervisory Service commenced an on-site inspection of BNK Monetary Group on Dec. 22, which was initially scheduled for subsequent month. This seems to be an development of the timeline as controversy has escalated, together with President Lee Jae Myung’s public criticism concentrating on monetary holding firm CEOs as a “corrupt internal circle.”
Via this inspection, the FSS plans to carefully look at whether or not there have been any procedural issues within the course of the place the board of administrators confirmed present Chairman Bin Dae-in as a candidate for the subsequent chairman. It’s also anticipated to assessment the general board operations that FSS Governor Lee Chan-jin has been declaring. The inspection interval is anticipated to final about two weeks, on condition that personnel modifications for FSS group leaders and working-level employees are scheduled for mid-next month.
On Dec. 19, President Lee publicly criticized governance issues at monetary firms throughout a enterprise report from the Monetary Companies Fee. Lee immediately said, “When left alone, a corrupt internal circle varieties, and a small quantity arbitrarily take turns exercising management,” and “They do issues like being financial institution president, then chairman, for 10-20 years.”
This FSS inspection might additionally have an effect on the collection of BNK Monetary Group’s subsequent chairman. Chairman Bin should obtain approval on the shareholders’ assembly in March subsequent yr to formally assume the place of subsequent chairman. If the inspection outcomes result in points raised by the FSS, variables might emerge.
Main monetary holding firms are additionally paying shut consideration because the FSS inspection could not cease at BNK Monetary Group. Shinhan and Woori Monetary Group are additionally continuing with chairman choice processes. Monetary authorities plan to launch a governance enchancment activity power (TF) to establish enchancment duties by January subsequent yr.
