Home > Business > Finance

FSS chief offers to resign after Han's veto of shareholder protection bill

Published: 02 Apr. 2025, 10:05 Updated: 02 Apr. 2025, 19:07

Financial Supervisory Service Gov. Lee Bok-hyun speaks during a press conference in western Seoul on March 19. [YONHAP]

Financial Supervisory Service (FSS) Gov. Lee Bok-hyun said Wednesday that he has offered to step down from his position.

The announcement comes after the veto of a contentious bill, a revision to the Commercial Act, aimed at expanding fiduciary duties for corporate board directors to enhance shareholder protection.

“I conveyed my intent [to resign] to the Financial Services Commission chairman over the phone yesterday,” Lee said during an appearance on CBS Radio’s “Kim Hyun-jung’s News Show” when asked about his next steps after the bill’s veto. However, his resignation was not accepted by the FSC chairman.

On Tuesday, acting President Han Duck-soo vetoed the bill, citing concerns over its ambiguity and the potential for increased legal risks for companies — risks the government argues could negatively impact the domestic economy.

Despite submitting his resignation, Lee said he still plans to attend the F4 meeting scheduled for Thursday morning, noting that “Deputy Prime Minister Choi Sang-mok and Bank of Korea [BOK] Governor Rhee Chang-yong advised him against making any hasty decisions given current market uncertainty.” The F4 meeting is typically attended by Korea’s four top economic policy officials: the minister of economy and finance, the BOK governor, the Financial Services Commission chairman and the FSS governor.

Lee had previously voiced strong opposition to the veto of the Commercial Act revision bill, stating that he would resist it “even at the risk of his position.”

While he expressed respect for Han’s decision, Lee also suggested that the outcome might have been different if President Yoon Suk Yeol had been in office. “If President Yoon had been in charge, he would not have vetoed the Commercial Act revision bill,” he said.

BY WOO JI-WON [[email protected]]