Chairperson Lee Eog-weon introduced an open letter from the Asian Corporate Governance Association (ACGA) that highly evaluated Korea's capital market reform achievements, and expressed a determination to elevate the Korean market to the world's top tier.
On the 9th, the chairperson posted on X (formerly Twitter) under the title "Korean capital market reforms recognized by global investors, ACGA open thank-you letter," and said the Financial Services Commission (FSC) would work to make it a truly global best market.
Lee said, "The ACGA sent an open thank-you letter to the Financial Services Commission (FSC), the Korean government, and the National Assembly," adding, "This is very unusual, and as we mark the first anniversary of the current administration, I find it meaningful and am grateful to receive this letter."
The ACGA is an international organization established to improve corporate governance and ESG in Asia. In a recent open letter, the ACGA positively assessed the capital market system improvements pursued in Korea. In particular, it praised as "meaningful and welcome progress" the amendment to the Commercial Act that clarifies that directors owe a duty of loyalty to shareholders, the introduction of the term "independent director," the strengthening of audit committee appointment procedures, and measures to expand shareholder participation.
It also emphasized that these reforms are a clear signal to investors worldwide of Korea's commitment to building a transparent and responsible capital market that meets international standards.
The ACGA also cited as an important achievement that a proposal it made during its visit to Korea in March last year—to disclose, on the same day, the results of voting at shareholders' meetings—was accepted by the Financial Services Commission and implemented immediately starting with this year's shareholders' meetings.
The chairperson said plans are to continue strengthening communication with global investors. Lee said, "We will continue to expand opportunities to hear the views of overseas institutional investors, including the ACGA."