2023-11-14 08:12:40
▲ Saemaul Geumgo Management Innovation Advisory Committee Chairman Kim Seong-ryeol (second from the left) is presenting the Saemaul Geumgo management innovation plan at the Seoul Government Complex on the 14th. <행정안전부>
[비즈니스포스트] Saemaul Geumgo introduces a professional manager system to innovate its governance structure.
Insolvent safe deposit funds are seeking to streamline management by quickly merging with the goal of the end of March next year.
On the 14th, the Saemaul Geumgo Management Innovation Advisory Committee announced the Saemaul Geumgo Management Innovation Plan, which includes measures such as the establishment of a management representative director and rapid adjustment of insolvent depositories, at the Seoul Government Complex.
First, a new ‘CEO of Management’ who acts as a professional manager is created.
The current consecutive term system for the President of the Federation will be changed to a single four-year term, and the positions of Executive Director and Guidance Director of the Federation will be abolished.
Saemaul Geumgo has been criticized for having power concentrated in the central chairman.
The Innovation Committee predicted that this would allow the central chairman to focus solely on external activities and his role as chairman of the board of directors.
The surveillance system will also be reorganized to strengthen internal control.
The audit committee is upgraded to a committee within the board of directors, and the number of professional directors who are external experts is increased. In order to increase the independence of the Treasury Supervisory Committee, members are promoted to executives and are given the right to represent supervisors.
In order to diversify the composition of the board of directors, the number of directors who are the chairman of the board of directors will be reduced. If more than one-third of the directors request it, it is possible to convene the board of directors and request the dismissal of executives.
More than half of the personnel recommendation committee members are made up of external experts to enhance objectivity and transparency.
We will also pursue rationalization of safe deposit management, including quickly eliminating insolvent safe deposit boxes.
Safe deposit boxes that are difficult to improve management due to high delinquency rates, etc., or that have lost competitiveness among small safe deposit boxes, are designated as ‘secret depositors concerned regarding insolvency’ and are subject to structural improvement such as mergers.
Among those subject to management guidance, financial institutions that have received a merger order immediately receive ‘on-site management guidance’. For treasuries with serious insolvency, including complete capital erosion, restructuring will be carried out quickly and the merger will be completed by the first quarter of next year.
In addition, Saemaul Geumgo will establish an integrated financial information disclosure system to increase financial consumers’ accessibility to financial information.
Detailed information on Saemaul Geumgo’s management innovation plan can be found on the Saemaul Geumgo website.
The Saemaul Geumgo Management Innovation Committee was launched in August and has been discussing 10 core tasks in three major areas for three months, including governance and management innovation, soundness and strengthening of the vault supervision system, rationalization of the vault management structure, and strengthening depositor protection.
Chairman Kim Seong-ryeol said, “Saemaul Geumgo is in a crisis situation unprecedented in its 60 years, and with a desperate heart to overcome it and regain public trust, we prepared an innovation plan with the executives and staff of the Geumgo and central association and external experts.” He added, “We will faithfully implement the innovation plan in the future to become a representative microfinance institution.” “I ask you to be reborn,” he said. Reporter Kim Hwan
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