As disclosures by KOSPI-listed companies generally increased last year, English disclosures rose notably.
The Korea Exchange (KRX) announced on the 14th its "2025 securities market disclosure performance," which included this information. The number of disclosures by KOSPI market-listed companies last year totaled 26,391, up 4.3% (1,094 cases) from 2024.
By disclosure type, ad hoc disclosures increased 3.9% (670 cases) from 17,046 in 2024 to 17,716 in 2025. The increase reflected new serious-accident-related disclosures (+22 cases) introduced as the financial authorities strengthened disclosure obligations, as well as higher numbers of treasury stock acquisition and disposal disclosures (+169 cases) and equity-linked bond issuance disclosures (+181 cases).
Voluntary disclosures rose 1.2% (19 cases) from 1,621 in 2024 to 1,640 in 2025. Voluntary disclosures increased as corporations showed a stronger willingness to provide information, boosting clarification disclosures and value-up disclosures, and as new disclosures were added regarding improvement plans for substantive review of listing eligibility.
Last year, there were 1,743 fair disclosures and 48 inquiry disclosures. English disclosures increased 8.6% (414 cases) from 4,830 in 2024 to 5,244 in 2025. The number of corporations submitting English disclosures also rose 4.4% (11 companies) year over year.
There were 39 designations of inadequate disclosure companies, five more than in 2024. Nonperformance of disclosure was the most frequent at 23 cases, followed by disclosure reversals at 16 and disclosure changes at 2. By reason for designation, litigation-related cases were the most common at 6, followed by capital increase or reduction at 3 and treasury stock acquisition or disposal at 3.
Meanwhile, the number of disclosures by KOSDAQ-listed companies last year was 25,138, up 5.4% from a year earlier. The average number of disclosures per listed company was 13.8, up 0.4 from a year earlier. Of these, English disclosures totaled 985, up 36.6% year over year. In particular, English voluntary disclosures surged 146.2%, and English ad hoc disclosures jumped 67.5%.
In contrast, inquiry disclosures fell 30.4%. As the occurrence of new corporations receiving less than an unqualified audit opinion decreased, audit-opinion-related inquiry disclosures fell 42.9%, and market-fluctuation-related inquiry disclosures decreased 23.2% due to reduced volatility in individual issues. Default-related inquiry disclosures were zero, down from five a year earlier, and embezzlement or breach-of-trust-related inquiry disclosures were one, down three from a year earlier.
Designations of inadequate disclosure companies also decreased. In the KOSDAQ market last year, there were 71 companies and 81 cases designated, down 28% from 2024. Inadequate disclosures related to single sales or supply contracts plunged 69.6% to seven, and those related to paid-in capital increases or stock-related bond issuance fell 43%. However, inadequate disclosures linked to changes in the largest shareholder and control rose to 12, up eight year over year, tripling.
A Korea Exchange official said, "We plan to strengthen support measures that can enhance listed companies' disclosure capabilities, such as education for listed corporations using cases of inadequate disclosure," adding, "In particular, for securities market listed corporations, we will expand translation support services in line with the second-phase mandatory English disclosure expansion starting this year and continue efforts to improve global investors' access to information."