Nonghyup Act passed by the standing committee... The Central Chairman is elected directly by 1.87 million union members.

Applies from the next presidential election in 2028... Establishment of an independent audit organization and strengthening of internal control

(Seoul = Yonhap News) Reporter Kim Se-rin = The amendment to the Agricultural Cooperative Act, which includes directly electing the chairman of the National Agricultural Cooperative Federation (NACF) by all 1.87 million members and establishing an independent audit organization, passed the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee.

The Ministry of Agriculture, Food and Rural Affairs announced on the 11th that a partial amendment bill to the Agricultural Cooperative Act with this content was passed at the plenary meeting of the National Assembly's Agriculture, Fisheries and Fisheries Committee.

The amendment changes the method of electing the chairman of the National Agricultural Cooperative Federation from the current method in which 1,104 union presidents vote to a direct system in which approximately 1.87 million union members participate.

Each union member, excluding duplicate subscribers, is granted one vote per member, and this will apply starting from the next central president election in 2028.

In consideration of concerns about the politicization of elections, the requirements for candidates to maintain union membership and use economic projects were strengthened, and political party membership was banned from three years before the date of election announcement until the end of the term.

The term of office of the next president will be shortened to the date of the national simultaneous union president election in 2031, and only the next president whose term is shortened will be allowed to reappoint once.

The Nonghyup Audit Committee consists of a total of five people, including one person recommended by the Ministry of Agriculture, Food and Rural Affairs, the Korean Bar Association, and the Korean Institute of Certified Public Accountants, and two people recommended by the National Agricultural Cooperative Federation.

The original method of appointing the chairperson was changed to one in which members elect each other, and the Ministry of Agriculture, Food and Rural Affairs was given the right to order audits and joint audits through the Nonghyup Audit Committee instead of the right to direct supervision over holdings and subsidiaries.

In addition, the requirements for requesting to view and issue copies of union accounting ledgers, etc. are relaxed from 100 union members or 3% or more of the total union members to 30 union members or 3% or more.

The Central Association's Personnel Recommendation Committee includes one external expert recommended by the Minister of Agriculture, Food and Rural Affairs in consultation with the Central Chairman, and the Central Chairman and executives are prohibited from exercising undue influence on the personnel and management of subsidiaries.

The Ministry of Agriculture, Food and Rural Affairs explained that this amendment was revised and supplemented in consideration of the autonomy of the Agricultural Cooperatives and prevention of election politicization after seven rounds of Bill Review Subcommittee review and on-site opinion collection.