The head of South Korea’s Financial Supervisory Service (FSS) convened a meeting with the heads of 23 asset management firms on Thursday to tackle the so-called Korea Discount, a phenomenon in which South Korean stocks are undervalued relative to global peers.

The issue has drawn increasing concern from domestic and international investors, and at the heart of such undervaluations is a deep-rooted problem: the poor corporate governance practices that are especially prevalent among the country’s family-controlled conglomerates, known as chaebol.