Kim Sung-sik, an attorney at Law Firm Won and a bar exam peer (28th) of President Lee Jae-myung, has been tapped as the next president of the Korea Deposit Insurance Corporation (KDIC). The KDIC is a public institution that protects depositors and maintains the stability of the financial system by guaranteeing the payment of deposits when a financial company is unable to pay them due to bankruptcy, among other reasons. As of last year, the KDIC president's annual salary amounted to about 320 million won.
Lee Eog-weon, chair of the Financial Services Commission (FSC), said on the 30th that he had recommended attorney Kim for appointment as the new KDIC president. The appointment process for the KDIC president proceeds in the order of recommendation by the KDIC executive recommendation committee, recommendation for appointment by the FSC chair, and appointment by the president.
The Financial Services Commission (FSC) said of the nominee Kim, "Having served for more than 30 years as a judge and attorney, Kim has accumulated diverse legal experience, including advisory work and litigation related to financial companies," adding, "Through extensive practical experience and expertise based on legal knowledge across the designation of insolvent financial institutions and bankruptcy procedures, as well as the overall financial industry, Kim is deemed suitable to strengthen the legal stability of the deposit insurance system, which is a core duty of the KDIC, and to improve the soundness of the fund."
Nominee Kim is an expert in the field of fair trade and is a bar exam peer of President Lee. Kim was reportedly part of the defense team in a case related to abuse of authority charges when the president served as Gyeonggi governor. After graduating from Seoul National University's law school in 1988, Kim served as a judge and has practiced as an attorney since 1999. Last year, the KDIC president received about 323.28 million won, including a base salary of 230.18 million won and a bonus of 93.1 million won.
The KDIC labor union recently held a press conference, saying, "We are a pillar of the financial safety net that protects the valuable assets of 50 million people nationwide, including depositors, insurance policyholders, and financial investors, and the last line of defense," and added, "The president must possess essential qualities such as the highest level of expertise, integrity, and a commitment to ethical management." The union is also considering actions to block attendance in protest of parachute appointments.
Kim Eun-kyung, a professor at Hankuk University of Foreign Studies Law School, has been recommended for appointment as the new head of the Korea INclusive Finance Agency (KINFA) and chair of the Credit Counseling and Recovery Service. Born in 1965, nominee Kim served as a professor for 20 years and headed the Financial Supervisory Service's Consumer Protection Office from 2020 to 2023. Kim also served on the Presidential Committee on Policy Planning in the Lee Jae-myung administration.