Bank of Korea former governors receive monthly advisory fees

Former Bank of Korea Governor Lee Chang-yong is receiving 7 million won per month as a non-standing advisor following his retirement. According to data submitted to the National Assembly by Representative Lee Jong-wook, Lee Chang-yong began a one-year term as an advisor to the current Governor on April 21, totaling 84 million won annually.

Records show that the advisory system, originally intended to utilize external experts, has increasingly been used to appoint former governors and high-ranking officials since 2010. For instance, former Governor Lee Ju-yeol previously received 10 million won monthly for two years and 4 million won monthly for one year.

Criticism has been raised regarding the lack of transparency, as the Bank of Korea does not maintain records of specific advisory activities, such as meeting minutes, reports, or the frequency of consultations. The Bank of Korea defended the practice, stating that because advisory matters involve sensitive monetary policy and management issues, separate performance records are not managed. Representative Lee Jong-wook has urged the central bank to at least record the timing, frequency, and field of advice to ensure accountability to the National Assembly.