Lee Bok-hyun, the chairman of the Financial Supervisory Service, has abruptly announced his resignation two months before the end of his term.

On the 2nd, Chairman Lee appeared on CBS Radio's 'Kim Hyun-jung's News Show' to express his position regarding his future and the exercise of the veto on the amendment to the Commercial Act.

He stated, "(The exercise of the veto on the amendment to the Commercial Act) is a legitimate exercise of power by Acting President Han Duck-soo, and in terms of respecting the constitutional order, we need to respect that decision." However, he also remarked, "The protection of shareholder value and the advancement of the capital market were strongly promoted by President Yoon Suk-yeol, and if he had been present, he would not have exercised the veto."

Additionally, he noted, "(Regarding my resignation) I talked to the Financial Services Commission chairman yesterday and expressed my position."

Lee added, "Considering the Constitutional Court's ruling result on President Yoon Suk-yeol's impeachment on the 4th, the possibility of the President's return cannot be ignored. If the appointing authority is the President, then speaking to the President would be the wisest course of action if possible."

Previously, on the 1st, Acting Prime Minister Han Duck-soo stated in the National Assembly regarding the passed 'Commercial Act Amendment,' "After much deliberation, I wish to request that the National Assembly reconsider this matter."

Acting Prime Minister Han remarked, "In a situation that can significantly affect the management environment and competitiveness of not only large companies but also the majority of enterprises, including small and medium-sized enterprises, I believe there is a need to find alternatives that minimize side effects through more in-depth discussions."

He continued, "The purpose of the bill is to ensure that directors fairly treat the interests of all shareholders, not just the interests of dominant shareholders or certain groups, in the management decision-making process." However, he also acknowledged, "In reality, it is difficult to clearly determine which decisions equitably treat the interests of all shareholders or the totality of shareholders based solely on the wording of the bill."

He explained that "this raises concerns that unexpected chaos may occur in various decision-making processes of corporations," elaborating on the intention behind the exercise of the veto.

Previously, Lee had mentioned that he would oppose the exercise of the veto even at the risk of his position.

Image source: Lee Bok-hyun, Chairman of the Financial Supervisory Service / News1, News1, Han Duck-soo, Acting Prime Minister / News1