Shinhan tweaks organization to give more power and less liability to chair
이 글자크기로 변경됩니다.
(예시) 가장 빠른 뉴스가 있고 다양한 정보, 쌍방향 소통이 숨쉬는 다음뉴스를 만나보세요. 다음뉴스는 국내외 주요이슈와 실시간 속보, 문화생활 및 다양한 분야의 뉴스를 입체적으로 전달하고 있습니다.
이 기사는 언론사에 의해 수정되어 본문과 댓글 내용이 다를 수 있습니다.
The management in financial holding companies has long been complained of being unclear.
Article 8 of the Act on Corporate Government of Current Financial Companies states that the provisions on delegations in the Civil Act apply mutatis mutandis to the relationship between major executives in charge of strategic planning, financial management and risk management and the relevant financial company.
Regulations under the Civil Act contain only the principle of fulfilling the “obligations of a good manager.” In an event of a financial accident, the holding company’s chairman and general manager can be held accountable only to the extent to which they have fulfilled their obligations.
In contrast, chief executive officers and directors of affiliates take full responsibility for any incidents, according to the commercial law. The holding company chairman and general manager have the authority to give orders but any responsibilities from these actions are born by the affiliates’ directors.
The issue of discrepancies in terms of authority and responsibility between financial holding companies and their affiliates isn’t just a Shinhan Financial Group problem.
Most of the domestic bank-focused financial holding companies, such as KB Financial Group, Hana Financial Group and Woori Financial Group have executives in each business division in charge of overall businesses of affiliates. However, the position of the head of the business division, which is at a level of vice president, is lower than that of the head of affiliates, which is at the level of president, with limited authority. The general position promoted by Shinhan Financial Group will be held by a vice chairman, who is higher ranked than the CEOs of affiliates, which means the authority will be strengthened.
Discussions are underway to clarify the responsibility of holding company management to resolve the discrepancies in the authority and responsibility between holding companies and their affiliates. An official from the financial authorities said that a long-term task has been pushed to explicitly change the unclear parts of the holding company’s governance structure.
But since the financial authority needs help from financial majors to fight the liquidity crisis, the change to the law on the holding company structure may not be easy to proceed for the time being.
A method to increase the level of institutional sanctions could be mulled during the meantime.
The official from the financial authorities said, “it is most natural and reasonable for shareholders and directors to voluntarily sanction management based on capital market rules.”
Shinhan Bank got a three-month suspension of business and a fine of 5.7 billion won ($4.2 million) for the Lime Asset Management scandal, which has been accused of selling and running fraudulent financial products and freezing fund redemption estimated at around 1.6 trillion won in 2019. As a result, shareholders of Shinhan Financial Group had little to hold the management accountable for the incident.
Copyright © 매일경제 & mk.co.kr. 무단 전재, 재배포 및 AI학습 이용 금지
- “이게 뭔일? 펄펄 끓는 바다, 한달 넘게 역대급 수온”…학계 “설명 불가” - 매일경제
- “가슴 훤히 다 보이잖아”…모르는 여성 지적에 황당, 美 헬스女 - 매일경제
- 돈 많이 줄게 제발 가지마…외국인 노동자 월급 30% 올린 이 나라 - 매일경제
- 30분새 1200만원 털렸다…고연봉자 쓰는 카드 자랑한 댓가 - 매일경제
- [단독] 이동채 에코프로 회장의 결단...“주주가치 위해 6천억 이익 포기” - 매일경제
- 결국 서울대도 증원했다는데…핫한 ‘이 학과’ 수험생 몰리겠네 - 매일경제
- [속보] 민주당 새 원내대표 ‘비명계’ 박광온…1차서 압도적 과반 득표 - 매일경제
- 제주도가 맘먹고 키우는 ‘이 고기’... 한번 먹으러 가볼까 - 매일경제
- 尹대통령과 오찬 중 美부통령 한마디에 ‘빵’ 터졌다…뭐라고 했길래 - 매일경제
- ‘10도루’ 배지환 “기록이 아닌, 이기기 위해 뛴다” [현장인터뷰] - MK스포츠