금융사업자단체의 지배구조개선을 통한 금융감독체계 발전방안

Abstract

Korea has a number of finance trade groups relating to the finance industry. Korea Federation of Banks, Korea Federation of Savings Banks, Korea Financial Investment Association, Korea Life Insurance Association, General Insurance Association of Korea, Credit Finance Association of Korea, National Credit Union Federation of Korea, and MG Community Credit Cooperatives were incorporated as a special judicial person based on approval of the Financial Services Commission or other competent ministries under the applicable laws. Their corporate governance is generally modeled on typical non-profit corporation under the Civil Code except for certain diversions such as a group of standing officers and non-member directors. However, all of these finance trade group are franchised with privileges such as exclusive management of credit information, operaton of required reserves, establishment of OTC bond market, information sharing form on insurance premium, etc. Furthermore, they establish self-regulatory terms and conditions for compliance with legal requirements and development of best practice. Nonetheless, their corporate governance has been out of the regulatory agencies’ attention. As the conflict of interest issue between supervisory agencies and self-regulatory trade groups is becoming one of national agenda to be clarified, this paper, based on a careful review the current status of the corporate governance, suggests more open and transparent corporate governance of these trade groups. With improved corporate governance, they can fulfill their self-regulatory responsibilities more faithfully and effectively and the overall financial supervisory and regulatory system will make an advance for less risky and more reliable financial market.