Korea Music Copyright Association President Lee Si-ha [Korea Music Copyright Association]
Korea Music Copyright Association President Lee Si-ha [Korea Music Copyright Association]

Korea Music Copyright Association President Lee Si-ha has voluntarily disclosed her personal assets, totaling approximately 1.16 billion won ($857,000).

Lee made the disclosure despite having no legal obligation to do so. While the association is designated as a public-related organization, it is not required to publicly release executives' asset details.

According to the association Wednesday, Lee voluntarily released details of assets held in her name — including land, buildings, deposits, insurance, virtual assets and liabilities — even though no law compels her to do so.

The disclosed figures show total assets of approximately 1.16 billion won and net assets of around 900 million won.

The association was designated a public-related organization early last year, which legally requires its full-time executives to register their assets with the relevant authorities. However, the obligation to publicly disclose those assets applies only to heads of institutions and organizations that meet specific criteria under the Public Service Ethics Act — criteria that Lee does not meet.

Lee went beyond what the law requires by proactively informing the public of her asset details. The association said the disclosure was part of its commitment to accountable management, aimed at allowing members to directly verify everything from the president's personal assets to the overall operations of the organization.

During last year's election for the association's 25th president, Lee made disclosing her assets before taking office and just before the end of her term — along with publishing her royalty earnings — central campaign pledges. At the time, she won strong support from members by pledging to "make the association one with nothing to hide and nothing hidden, by transparently disclosing all expenditures and operational processes."

"Members can only trust the association if the president and the executive team are transparent," Lee said. "We will not stop at what the law requires us to disclose — if there is anything members are curious about or feel needs to be verified, the association will step forward and make it known proactively."

She added that she was turning the reform promises she made to members during the election into reality, one by one. "I will continue to disclose my assets and royalty earnings for up to one year after my term ends, so that no unnecessary allegations linger — not only during my tenure but after I leave office," she said. "I will do my utmost to build an association where members are truly in charge, until the very end."

Lee, who took office in February, has been moving quickly to fulfill her campaign pledges under the mottos of "member-centered management" and "open organizational operations." Since taking office, she has published her monthly royalty receipts and has been live-streaming the association's full board meetings on YouTube to ensure transparency in major decision-making. Broadcasting board meetings in their entirety is a first among music copyright collective management organizations worldwide.

Progress has also been made on substantive issues affecting members' rights. A long-running dispute over music copyright fees for OTT streaming services was resolved through a new contract with Netflix, while a protracted conflict with the Korea Music Copyright Association of Creators over YouTube residual distribution fees has been settled, with the royalty settlement process for rights holders now fully under way.


shee@heraldcorp.com