The Financial Supervisory Service will join hands with regional financial holding companies to build an education infrastructure to strengthen outside directors' expertise. The move is aimed at supporting the establishment of sound governance at regional financial companies.
The Financial Supervisory Service (FSS) said on the 28th that it signed a memorandum of understanding (MOU) with five domestic regional holding companies for "training and strengthening the capabilities of outside directors." iM Financial Group, BNK Financial Group, and JB Financial Group took part in the MOU.
The Financial Supervisory Service (FSS), together with the Korea Institute of Financial Education, plans to launch an outside director training program and encourage participation by regional financial holding companies. To that end, it will reference training participation in supervisory work and also provide lecture support.
The institute will run tailored training programs that reflect outside directors' career backgrounds and years of service. It will explain board composition and roles to prospective directors and provide essential knowledge in board operations and relevant legal and accounting fields to new directors. For incumbent directors, training will center on key issues such as cases of financial accidents.
Lee Chan-jin of the Financial Supervisory Service said, "Tailored education that reflects the unique characteristics of the regions will serve as a foundation for balanced and transparent decision-making by regional financial holding companies."