[Alpha Biz=(Chicago) Reporter Kim Jisun] A bill to strengthen internal control of financial companies crossed the threshold of the National Assembly's National Policy Committee's bill review subcommittee on the 21st.

"The revision to the Act on Governance of Financial Companies," which passed the National Policy Committee's subcommittee on the bill on the same day, is aimed at preventing a series of recent financial accidents, such as incomplete sales of funds and massive embezzlement, and is aimed at confirming the scope of responsibility for each financial company in advance.

Until now, there has been a practice of executives shifting responsibility in the event of major financial accidents such as incomplete sales and embezzlement, but the improvement of the system is expected to make clear the basis for imposing sanctions on executives who violate internal control and management obligations, including calls for dismissal and suspension of their duties.

According to the bill, the CEO is the general manager of internal control and is likely to take responsibility even if various financial accidents are judged to be failures of the system. So far, CEO has been able to avoid responsibility just because it has created a system.

The two bills discussed at the subcommittee on the bill were represented by Yoon Han-hong of the People's Power and Kim Han-kyu of the Democratic Party of Korea, respectively.

The National Policy Committee plans to deal with the chairman's alternative that reflects the contents of the bills at the plenary session.

 

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