Attorney Noh Young-hee, who represented the initial whistleblower in the Myung Tae-kyun gate scandal, has been appointed as a non-executive director of the Korea Inclusive Finance Agency. Critics are questioning whether she is the right person to oversee inclusive finance, a key policy of the Lee Jae-myung administration.
According to financial industry sources on the 22nd, Noh began her three-year term on the 16th after being selected for the position. As a board member, she will support consumer finance policies such as the Sunshine Loan program and oversee management operations. The Financial Services Commission made the final appointment following a public recruitment process and review by the agency's executive nomination committee. The position pays 30 million won annually.
Noh has practiced law for 20 years and maintains significant political connections. During the 2024 general election, she ran as the number one proportional representative candidate for the Sonamu Party, led by former Democratic Party of Korea chairman Song Young-gil, but lost. She later left the party and worked at the Democratic Party's general election campaign headquarters during last year's presidential race.
In late 2024, she served as legal counsel for Kang Hye-kyung, the initial whistleblower in the Myung Tae-kyun gate scandal. She has recently appeared on current affairs programs and YouTube channels, voicing opinions on issues such as prosecution reform and serving as a spokesperson for the ruling party.
The financial sector has raised concerns about whether Noh is qualified to implement inclusive finance policies. The Financial Services Commission specifies that non-executive directors should possess specialized knowledge in consumer finance and extensive understanding of changes in the financial industry and government policy. Critics question whether her background meets these requirements. Her predecessor, former non-executive director Lee Su-won, was a career economic official who served as deputy minister at the Ministry of Economy and Finance.
Some also express frustration that the FSC should first strengthen transparency in public institution appointments while pursuing governance reforms at financial holding companies. "They demand board independence from private financial firms but don't seem to apply consistent standards to public institution appointments," a financial industry official said. The Korea Inclusive Finance Agency responded that "among candidates who applied through the public recruitment process, we recommended someone who scored highly on expertise, understanding of consumer finance, and qualification requirements."
