은행 CEO리스크와 지배구조에 관한 연구

Abstract

Corporate governance of bank is especially important academic subject after recent global financial crisis. Korean supervisory authority is under contemplation to enact new act tentatively named 「Corporate Governance of Financial Company Act」. During its process, a Korean financial group had a management control struggle last year, which called for fundamental reexamination on corporate governance regarding bank CEOs. Concerning the board, outside director was introduced to enhance the function of check and oversight on the bank CEO and other directors. Because there is, however, some limitation in their independence, we still need to improve the procedure to select outside director such as qualification and experience etc. to strengthen their role. In order to prevent concentration and long-term seizure of power by bank CEO, we need to improve fairness and transparency in procedure of selecting bank CEO by stipulation of the recommendation committee of bank CEO candidate in law; and prepare the procedure to limit their term in office and retirement age and to clarify their responsibility. Executive officer was widely used in banks but there was no legal foundation. So, requiring mandatory application of executive officer system that was enacted in commercial law lately can make their responsibility for business clear and can strengthen the oversight function of the board. Finally, directors have to satisfy strict qualifications but supervisory authority has no practical tool to examine their qualification and the supervisory examination is not performed sufficiently. Therefore, supervisory authority needs to have clear legal foundation for fit and proper test in advance.