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[Alpha Biz=(Chicago) Reporter Paul Lee] Amid recent growing controversy over "performance-based bonuses" in the banking sector, financial authorities have also reportedly launched a massive inspection of securities firms that have caused controversy over real estate PF (project financing) insolvency.
According to the financial sector on the 19th, the Financial Supervisory Service has recently conducted an extensive inspection on the appropriateness of the performance compensation system in relation to the real estate PF sector of securities firms.
As real estate PF insolvency at securities firms expanded due to the real estate market crunch last year, the government injected large-scale subsidies, including bond market stabilization funds, which is based on the judgment that executives and employees of securities firms may have collected excessive performance-based bonuses.
In the case of banks and insurance companies, high profits caused controversy over performance-based bonuses last year, but on the contrary, securities need to look into how performance-based payments work at a time when business is becoming difficult.
The Financial Supervisory Service will also look into whether the "claw back" system is properly followed, which recovers performance-based bonuses already paid based on the performance of real estate PF executives and employees of securities firms.
Through this inspection, the Financial Supervisory Service will encourage securities firms with a lot of real estate exposure to reasonably calculate and pay performance compensation after fully reviewing real estate market conditions and risks.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
