Storyboard Text
- Goodmorning Miss Nam, has yesterdays meeting been rescheduled for today?
- Affirmative, Mr. Back. The meeting has been rescheduled for today, as per the email I received.
- Miss Nam, what about the meeting agenda? Do you know what it will be about? I won't be able to attend due to the business trips scheduled later.
- It's about the compensation and other benefits of the directors and officers Mr. Kang, as well as the restrictions.
- Oh, Is this about the Monetary Boards ability to regulate payments by the bank to its directors and officers of compensations, allowances, fees, bonuses, and etc. to protect the funds of depositors and creditors?
- Yes Sir. The discretion given to the Monetary Board is for the abuses sought to be prevented, as some bank owners, stockholders, and officers abuse their positions and drain liquidity from the bank at the expense of its depositors.
- Thats quite intriquing! Surely there are exceptional cases, right?
- Yes Mr Kang. The Monetary Board may exercise its power to regulate and restrict payments (1) when a bank is under controllership or conservatorship, and (2) when it is founded by the Monetary Board to be in an unsatisfactory financial condition.
- Correct! And in case one or more of the exceptional cases is present, the Monetary Board may impose restrictions such as (1) observance of profit-sharing programs, (2) suspension of financial assistance, and (3) reduction of significantly excessive compensation package to reasonable levels.
- Mr. Back, Ms, Nam, thank you for educating me. I'll take my leave now.
- Thats acceptable and reasonable enough
- Have a pleasant journey, Sir.
- Pleased to be of help, Sir.
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