[Lee Administration Midterm Review] Declining Support for Lee Raises Concerns Over 'Structural Majority'
President Lee Jae-myung's approval ratings continue to decline, putting his plan to expand support among moderates, youth, and the middle class under scrutiny. There is a noticeable weakening of support among key target groups, including moderates and young voters, rather than a loss of core supporters.
Analysts suggest that the drop in approval ratings is influenced by a combination of issues, including real estate, the economy, and personnel matters. Concerns are growing that a prolonged decline could hinder the government's ability to pursue reform initiatives and maintain operational momentum. Experts emphasize that connecting macroeconomic achievements, such as exports and growth, to tangible improvements in people's lives, along with enhancing policy consistency and predictability, is crucial for restoring support.
According to a survey conducted by Gallup Korea on September 1-3, 40% of respondents approved of President Lee's performance, while 51% disapproved. This marks a 2 percentage point drop in approval and a 1 percentage point increase in disapproval compared to a previous survey released on August 28.
168 Public Institutions in the Capital Region: Will Second Relocation Lead to Housing Supply?
As the government accelerates the second relocation of public institutions to regional areas, there is growing interest in whether the remaining public institution buildings and land in the capital region can be repurposed for new housing. With 168 public institutions headquartered in the capital area, discussions may arise about utilizing vacant land in key locations in Seoul and Gyeonggi for housing once the relocation targets are confirmed.
As of September 6, data from the Public Institution Management Information Disclosure System (ALIO) indicates that 168 out of 355 public institutions nationwide are based in the capital region, accounting for 47.3% of the total.
Regionally, there are 130 institutions in Seoul, 29 in Gyeonggi, and 9 in Incheon, with institutions in Seoul making up 77.4% of the capital region's public institutions. Major entities located in Seoul include SR, Korea Airports Corporation, and the Korea Marine Environment Corporation, as well as numerous others such as the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Deposit Insurance Corporation, the Korea Trade Insurance Corporation, the Korea Development Bank, and the Export-Import Bank of Korea.
Korea Zinc's Extraordinary Shareholder Meeting Approaches Amid Management Dispute
The management dispute between Korea Zinc and MBK Partners and Youngpoong is ongoing, with both sides set to face off again at an extraordinary shareholder meeting on September 9 over the election of four independent directors and one independent auditor.
According to industry sources on September 6, the extraordinary meeting will take place at 10 a.m. at the Mondrian Hotel in Yongsan, Seoul.
The agenda includes amendments to the articles of incorporation to expand the separate election of auditors, the appointment of four independent directors under a cumulative voting system, and the election of one independent director based on a 3% voting limit for major shareholders.
Currently, Korea Zinc's board consists of 9 members aligned with Chairman Choi Yoon-bum and 5 members from MBK and Youngpoong. Following a court decision in June that suspended the duties of independent directors, former outside directors Lee Sang-hoon, Lee Hyung-kyu, Kim Kyung-won, and Lee Jae-yong resigned, necessitating the election of new independent directors.
Extension of Financial Contributions for Low-Income Support Raises Concerns
The obligation for financial institutions to contribute to low-income financial support has been extended by 10 years, leading to concerns about the long-term cost burden on the financial sector. The demand for debt restructuring and the increasing number of vulnerable borrowers utilizing policy-based low-income financial services may further escalate the financial sector's support obligations.
On September 6, financial authorities and the National Assembly reported that a revised bill extending the contribution obligation for financial companies to the Korea Financial Services Agency for 10 years was passed during a full meeting of the Political Affairs Committee on September 3. If the bill passes the National Assembly, the obligation will be extended until October 8, 2036.
As a result, the financial sector's contribution burden will continue for the foreseeable future. Financial institutions are already shouldering significant contributions to fund policy-based low-income financial resources. According to data submitted by the Korea Financial Services Agency to Park Seong-hoon, a member of the National Assembly's Political Affairs Committee, financial companies contributed a total of 1.4797 trillion won to the Korea Financial Services Agency from 2022 to June of this year.
* This article has been translated by AI.
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