rigid hierarchy until the day comes when a junior economist can say “ governor, your last speech was disappointing ” while having lunch with me. in addition, we should always keep in mind that the end - user of our policy services is not the team head, director general, or governor, but the economic agents on the outside. no matter how many reports we make, without this customer - oriented mindset, the reports will be good only for internal use and will be little known of or looked for by the public. let us now ask ourselves if, under pressure to maintain the neutrality of the bank, we have tried to avoid any controversy that our policy implications or suggestions might stir, and have tended to end with only fragmented and technical analysis of data. only when we thoroughly analyze the information and present policy suggestions focusing on customers ’ needs will we be able to solidify our status as a think tank for the national economy as well as a policy authority. the shift to a horizontal relationship and the customer - oriented mindset is also complementary with nurturing expertise in individual staff members. in order to share information and vigorously debate with each other to come up with results that can win recognition from our customers, individual staff must have their own expertise, supported by the culture of recognition and evaluation. let us improve our system so that each person is given discretion and opportunities to show their full potential, and their work product is assessed in an objective and fair manner. in this sense, i will make sure that not only the 4 / 6 name of the department you have worked in but also every detail of your performance, including the matters you have worked on and the papers you have written, is included in personnel records, to enable longer - term and systematic management of assessment - relevant information. i will also provide full support for your efforts toward capacity building, by strengthening training programs as well as mentoring and coaching. maintaining a work - life balance is also important. here, i do not mean only the passive dimension of having after - work hours at your disposal. the quality of life and livelihood must be guaranteed in a balanced way, for which satisfaction about wages or welfare benefits is a pre - condition. only then will our staff members be able to carry out their jobs with a high sense of self - esteem and motivation. although we do have some practical constraints, as governor, i will look carefully into every nook and cranny to see what improvements we can make. given that our organization consists of over 2,

400 employees of various responsibilities and positions, i will work hard to find ways to improve our staff ’ s treatment so that they are not left behind, no matter where they are. what is as important as the level of salary and benefits is support for career development. it is inevitable that the younger generation of our staff who will live in the so - called “ homo hundred era ” will be making plans for life after retiring from the bok. considering this, enhanced individual capacity will not only result in stronger competitiveness of our institution but also should be considered as accumulation of a valuable asset outside the bank in the future. supports for career advancement and expertise development must be provided in a way that nurtures human capital while, at the same time, increasing the market value of individual employees, with our institution serving as a stepping stone for each staff member to grow. lastly, in order for the organizational reform to bear fruit, everyone regardless of rank must join in the efforts. the executive management should lead by example, by being open and receptive to changes. changes need to flow from top to bottom. i ask you to take the lead so that the difference can be really felt this time. junior employees should seek to further hone your skills. you should ask yourselves whether you have chosen the convenience of complaining, blaming the organizational culture as the root cause of everything, without 5 / 6 making sufficient efforts on your side, particularly in this ict era where anyone, if they want to, can find the most up - to - date information, and the most renowned experts at a click of a button. i will stand at the forefront of this collective endeavor toward change. my door will always be open to you. please do not hesitate to share your ideas, if you have anything you wish to add on to our discussions so far. and let us act on it together. as the old saying goes, a chick can hatch from its egg when the chick and its mother hen peck from inside and outside together. i hope that the external expectation for constructive reform, combined with our own internal efforts, help us break away from the existing framework and adapt swiftly to the changes of our time. the improvement we make might be small, but certainly not its implications. as we celebrate our 72nd anniversary, i would like to once again express my sincere appreciation for your hard work. i wish you and your family good health and happiness. thank you. 6 / 6