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Finance

NH to overhaul \'imperial\' power structure as pressure grows for Kang Ho-dong to step down

South Korea\'s government and ruling party are moving to reform what they call Nonghyup\'s overly powerful governance structure, including pursuing revisions to the Nonghyup Act to allow duty suspension if a chairman is found guilty at a first trial on charges such as embezzlement or breach of trust. The steps come as pressure grows for Nonghyup chairman Kang Ho-dong to resign amid allegations tied to a special audit. Farmer groups and politicians are demanding his resignation.

Finance

NongHyup launches expert-led reform committee

NongHyup said on Jan. 21 it had formally launched a reform committee after holding its first meeting a day earlier at its headquarters in central Seoul. The committee has 14 members, including 11 external and three internal members, and elected Lee Kwang-beom (이광범) as chair. It will serve as a platform to discuss structural reform and organisational improvement, and will meet monthly, with the next meeting set for Feb. 24.