Lee Chan-jin, the Chairman of the Financial Supervisory Service (FSS), advocated for the concise and thorough disclosure of board meeting minutes for financial companies, emphasizing transparency in decision-making processes during a policy breakfast meeting hosted by Hankyoreh. He stated that shareholders should have clear insights into the discussions and considerations of board members, highlighting that these disclosures should be integrated into key performance indicators (KPIs) to enhance accountability. The FSS, along with the Financial Services Commission, is currently working on reforming governance structures to improve transparency in leadership selection and to bolster the independence of outside directors.

During his speech, Lee shared his experiences from serving on the National Pension Service’s asset management committee, noting a dramatic shift in the meeting culture after minutes became public. He suggested that the previously passive discussions transformed into more dynamic interactions as members felt a heightened sense of responsibility, underlining the importance of accountability in governance. By publicly disclosing the minutes, he argued, dissenting voices could emerge, thus influencing board discussions and strategic directions, which he referred to metaphorically as having a 'catfish' in the pond that stirs things up.

Furthermore, Lee critiqued the lack of urgency among financial company boards in recognizing impending challenges compared to other listed corporations like Hyundai and Samsung. He pointed out that while boards of major corporations often engage in rigorous and prolonged debates due to the high stakes involved, financial companies show a concerning complacency, possibly due to their regulated nature that provides a sense of security. Lee warned that this lack of perception of risk could lead to significant issues in the future, likening the gradual rise of potential threats to water slowly boiling in a pot without notice.