Key Points and Implications of the Revised「Guidelines on Corporate Governance Disclosure」
2023.10.23.
The Financial Services Commission (the “FSC”) released the revised Guidelines on Corporate Governance Disclosure (the “Revised Guidelines”) on October 13. The Revised Guidelines, which are set to apply to reports due by the end of May 2024, have significant implications in that they (i) incorporate the institutional improvements introduced by the Korean government earlier this year and (ii) align with the ongoing trend of amendments to governance principles in multiple jurisdictions including Korea (e.g., G20/OECD Principles of Corporate Governance). The scope of applicability of the obligation to disclose corporate governance reports is expected to expand steadily: commencing in 2024, it will initially apply to companies listed in KOSPI with an asset value of KRW 500 billion or more and extend to all KOSPI-listed companies by 2026. Hence, it is important that public companies in Korea closely examine amendments made to Guidelines on Corporate Governance Disclosure to ensure regulatory compliance with disclosure.
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