Finance
Lee Chanjin, FSS chief, calls for stronger outside director independence and more transparent succession at financial holding firms
Lee Chanjin, head of South Korea’s Financial Supervisory Service, called for sweeping improvements in the role of outside directors and in management succession procedures at financial holding firms. He said CEO succession is crucial for financial system stability and urged clear, transparent and objective criteria. Lee also stressed consumer protection and internal controls, called mis-selling a “survival risk,” and highlighted the need to include IT security and financial consumer expertise on boards.
