Amendments Proposed to the Act on Corporate Governance of Financial Companies, the Enforcement Decree, and Regulation

Amendments Proposed to the Act on Corporate Governance of Financial Companies, the Enforcement Decree, and Regulation

Date

2018-04-04

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1867

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Amendments Proposed to the Act on Corporate Governance of Financial Companies and its Subordinate Enforcement Decree and Regulation_.pdf (fileSize: 172KB)

The Financial Services Commission proposed amendments to the Act on Corporate Governance of Financial Companies (ACGFC) and its subordinate enforcement decree and regulation that among others tighten executive disqualification rules, encourage board members with more diverse fields of professional expertise and background, set enhanced standards for the independence of auditor and audit committee members, and provide for greater transparency in executive compensation.

Similarly, amendments to the Enforcement Decree of the ACGFC complement amendments to the ACGFC by raising board members’ level of competence and expertise and ensuring the independence of outside directors, while amendments to the Regulation on Supervision of Corporate Governance of Financial Companies raise the transparency of the selection process for the CEO and require enhanced corporate governance disclosures.

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Department/Division in charge of Information management

Department/Division In charge

International Affairs Department(Financial Hub Korea) International Cooperation Team

Phone Number

+82-2-3145-7895