Lee Chan-jin, the newly appointed head of the Financial Supervisory Service, has internally expressed that there will be no back briefings in the future. A back briefing refers to an impromptu Q&A session with reporters after an official event. It is commonly used to provide additional detailed explanations about the intent and background of the event, or to clarify positions on major issues to the press. After his inauguration on the 28th, this director also did not hold a back briefing during his first official external event, a meeting with the heads of commercial banks.
This contrasts sharply with the previous head of the FSS. The former head of the Financial Supervisory Service, Lee Bok-hyun, who completed a three-year term on June 3, held a total of 98 back briefings during his tenure. This was markedly different from other leaders of financial authorities who tend to be cautious in their statements. As a result, criticisms arose that his excessive messaging caused confusion in the market. His high-profile statements also led to multiple controversies, including issues of government intervention. A notable instance was when he said he would "put his position on the line" in opposition to exercising the veto right over the proposed amendment to the Commercial Code, garnering widespread criticism.
Interpretations suggest that this director is clearly stating his intent not to repeat the mistakes of his predecessor. On the day of his inauguration on the 14th, he visited the press room and emphasized, "I am not an extreme person" and "I am not one to make decisions and carry them out independently." Given that both he and the former director share similar backgrounds as "lawyers close to the president," he seems to have made these remarks to address concerns about similar tendencies.
Entering his second week in office, this director has been emphasizing "communication" within the organization. He has been demonstrating a communicative leadership style by arriving at work early, dining with employees in the cafeteria, and exercising together. He places particular importance on discussions. In his first executive meeting, he emphasized the need to transform the rigid organization into one that "bounces around like a loach" and establish a culture where members can freely share their opinions regardless of rank.
It seems we need to observe how this director will communicate with the media in the future. Unlike his predecessor, he is unlikely to primarily use the media as a channel to convey messages to the market. This director plans to focus on relay meetings with the financial sector throughout September to grasp key issues. It is reported that his first press conference after taking office is scheduled for after the National Assembly's inspection at the end of October.
Reactions are mixed. One individual from the financial sector assessed, "This can be seen as a normalization of the abnormal." Another individual mentioned the director's background, which includes stints with the People's Solidarity for Participatory Democracy and the Minbyun (Lawyers for a Democratic Society), suggesting that "there may be an underlying distrust of the media. Whether this will be beneficial or detrimental remains to be seen."