World Bank taps 2nd Korean vice president

The World Bank Group named former Asian Development Bank executive Um Woo-chong to lead its new accountability body, making him the second South Korean appointed to a vice-presidential post at the group.

Um will take office Jan. 18 as vice president and director general of the Independent Accountability Mechanism, South Korea's Finance and Economy Ministry said Friday. The group announced his appointment Wednesday.

The new body will handle complaints from communities affected by World Bank Group-financed projects and review compliance with environmental and social standards. Um will report directly to the group's boards, overseeing dispute resolution, compliance reviews and advisory work independently of management.

The mechanism consolidates the World Bank's Inspection Panel and Dispute Resolution Service with the Compliance Advisor Ombudsman, which covers the International Finance Corporation and the Multilateral Investment Guarantee Agency. The overhaul aims to simplify the complaints process and strengthen accountability across the group.

Um brings more than three decades of experience in international development and development finance. He joined the ADB in 1993 and held posts including secretary and director general for sustainable development and climate change before serving as managing director general from 2021 to 2024.

He most recently served as chief executive of the Global Energy Alliance for People and Planet, a nonprofit organization established in New York in 2021.

His appointment follows that of Kim Sang-bu as the World Bank's vice president for digital transformation in July 2024.