 |
| ▲ The Financial Supervisory Service (Yonhap) |
financial watchdog-public institutions
Finance ministry adds 11 institutions to oversight list, without FSS
By Kim Han-joo
SEOUL, Jan. 29 (Yonhap) -- The finance ministry said Thursday it has newly listed 11 state-run organizations on a surveillance list, leaving the country's financial watchdog off the list amid controversy over alleged lax supervision.
A total of 11 state-run organizations met the criteria for public institution status this year, bringing the total number to 342, according to the Ministry of Economy and Finance.
The ministry reviews about 500 organizations each year for designation as public institutions, a status that places them under strict government management and oversight. Under the system, the finance minister may also request the dismissal of an institution's chief.
The Financial Supervisory Service (FSS), which had been under discussion as part of a broader government reorganization last year, was not included in the latest list, the ministry said.
The ministry said it decided to defer designating the FSS after comprehensive discussions over the autonomy of financial supervisory functions.
"While the authority of the FSS has expanded, there have been continued criticisms related to its public responsibility, including controversies over the appropriateness of its authority and opaque management practices," Finance Minister Koo Yun-cheol said.
The minister further said although designation as a public institution could enhance public accountability and transparency, it could also undermine autonomy and professional expertise, potentially leading to inefficiencies.
Rather than pursuing formal designation, the government will focus on strengthening the public nature and transparency of the FSS' operations and overall management through substantive measures, the ministry said.
(END)
(C) Yonhap News Agency. All Rights Reserved
