{"id":2207341,"date":"2024-12-02T17:00:55","date_gmt":"2024-12-02T08:00:55","guid":{"rendered":"https:\/\/koreapro.org\/?p=2207341"},"modified":"2024-12-03T17:03:15","modified_gmt":"2024-12-03T08:03:15","slug":"south-koreas-bid-to-overhaul-corporate-governance-faces-key-enforcement-hurdles","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/12\/south-koreas-bid-to-overhaul-corporate-governance-faces-key-enforcement-hurdles\/","title":{"rendered":"South Korea\u2019s bid to overhaul corporate governance faces key enforcement hurdles"},"content":{"rendered":"

South Korea\u2019s Financial Services Commission (FSC) has <\/span>proposed amendments<\/span><\/a> to the <\/span>Capital Market Act<\/span><\/a> to improve corporate governance and protect minority shareholders.<\/span><\/p>\n

However, questions remain about whether these changes can meaningfully address systemic issues in the country\u2019s chaebol-dominated economy and if they align with international governance standards.<\/span><\/p>\n

The proposed reforms, introduced on Monday, aim to enhance transparency in mergers, spinoffs and related transactions through external valuations and minority shareholder access to spinoff initial public offering (IPO) shares.\u00a0<\/span><\/p>\n

While they represent a step forward, the proposed amendments leave significant gaps in enforcement, scope and integration with global trends.<\/span><\/p>\n

GOVERNANCE UNDER THE MICROSCOPE<\/b><\/p>\n

The amendments are designed to improve transparency and fairness in corporate decision-making. Boards of listed companies will be required to disclose detailed statements explaining the purpose, valuation and expected outcomes of mergers, spin-offs and other transactions.<\/span><\/p>\n

This provision aims to address <\/span>long-standing grievances<\/span><\/a> about opaque practices that have often left minority shareholders at a disadvantage.<\/span><\/p>\n

A key element of the reforms is the shift to market-based valuations, which replace rigid formulas that previously allowed controlling shareholders to <\/span>undervalue assets<\/span><\/a>. Mandatory external evaluations further enhance oversight by introducing an independent perspective, reducing information asymmetry between controlling shareholders and minority investors.<\/span><\/p>\n

Another significant provision guarantees minority shareholders access to up to 20% of shares in spinoff IPOs. This measure ensures that smaller investors benefit from the value created during restructuring, addressing concerns about exclusion from corporate growth opportunities.<\/span><\/p>\n

Despite these changes, the reforms are narrowly focused, applying only to listed companies and four specific types of transactions: mergers, spinoffs, significant asset transfers and stock exchanges. This limited scope leaves substantial gaps, particularly in unlisted companies and alternative forms of corporate restructuring.<\/span><\/p>\n

A BOOST FOR MINORITY SHAREHOLDERS<\/b><\/p>\n

The amendments provide important safeguards for minority shareholders, who have historically been sidelined in favor of majority shareholders or controlling families. The guarantee of spinoff IPO shares addresses a major equity issue, enabling minority investors to participate in the financial upside of new business entities.<\/span><\/p>\n

These provisions could reduce opposition to spinoffs, streamlining corporate decision-making. They also enhance South Korea\u2019s appeal to foreign investors, particularly those prioritizing governance standards.<\/span><\/p>\n

However, the reforms fall short of offering comprehensive protection. For example, <\/span>joint ventures<\/span><\/a> and <\/span>asset transfers<\/span><\/a> are excluded, leaving potential vulnerabilities in transactions where minority shareholders could still be disadvantaged.<\/span><\/p>\n

Additionally, the reforms do not address other systemic practices, such as <\/span>cross-shareholding<\/span><\/a> or <\/span>dual-class shares<\/span><\/a>, which remain tools for consolidating control within chaebol companies.\u00a0<\/span><\/p>\n

Without tackling these deeper issues, the amendments risk addressing symptoms rather than the root causes of shareholder inequality.<\/span><\/p>\n

\"\"

An illustration depicting South Korean corporations’ complex governance structures | Image: Korea Pro<\/em><\/p><\/div>\n

CHALLENGES OF VALUATION AND OVERSIGHT<\/b><\/p>\n

Shifting to market-based valuations would allow for a more dynamic and transparent approach to assess corporate transactions. However, this shift would also bring challenges. Valuation disputes are likely, particularly in industries with intangible-heavy assets such as technology or biotechnology.<\/span><\/p>\n

Without detailed guidelines on how to assess these cases, the reforms could create inconsistencies or protracted conflicts.<\/span><\/p>\n

The requirement for external evaluations adds credibility to the valuation process but also increases compliance costs for companies. For instance, smaller firms may find the added compliance burden disproportionate to the benefits. This could discourage them from pursuing legitimate restructuring efforts, potentially stifling economic activity.<\/span><\/p>\n

More importantly, the FSC\u2019s proposed amendment does not mention enforcement mechanisms. The FSC has not outlined clear penalties for non-compliance, relying instead on <\/span>voluntary adherence<\/span><\/a>.<\/span><\/p>\n

South Korea\u2019s regulatory history suggests that without stronger oversight and judicial support, the reforms may struggle to achieve their intended outcomes.<\/span><\/p>\n

DISRUPTING CHAEBOL POWER DYNAMICS<\/b><\/p>\n

If made mandatory by future governments, the reforms could challenge the dominance of chaebol companies by empowering external stakeholders and enforcing transparency in decision-making. By requiring boards to justify their actions and ensuring minority shareholders have a stake in spinoffs, the FSC\u2019s proposal could shift the balance of power.<\/span><\/p>\n

However, chaebol will likely resist these changes. For instance, during the 2015 merger of Samsung C&T and Cheil Industries, opposition from minority shareholders and external investors highlighted the systemic challenges in holding controlling families accountable.<\/span><\/p>\n

Similar resistance could arise, with chaebol leveraging unlisted subsidiaries or cross-shareholding networks to circumvent regulatory scrutiny.<\/span><\/p>\n

For the reforms to succeed, the FSC will need to demonstrate a commitment to consistent enforcement. Clearer guidelines, coupled with penalties for violations, are essential to ensure that chaebol adhere to the new standards rather than finding ways to undermine them.<\/span><\/p>\n

However, it is unlikely that the conservative Yoon administration will push for such measures.<\/span><\/p>\n

COMPARISONS WITH EAST ASIA<\/b><\/p>\n

South Korea\u2019s governance reforms reflect a growing recognition of the need to align with global and regional standards. However, compared to its East Asian peers, South Korea remains a latecomer in addressing corporate governance challenges.<\/span><\/p>\n

Japan introduced its <\/span>Corporate Governance and Stewardship Codes<\/span><\/a> nearly a decade ago, emphasizing board independence and institutional investor engagement. Taiwan has long enforced stringent protections for minority shareholders, including <\/span>mandatory electronic voting and tender offer requirements<\/span><\/a>.<\/span><\/p>\n

Hong Kong\u2019s <\/span>dual-class share framework<\/span><\/a> combines flexibility with rigorous disclosure standards, while Singapore enforces governance rules through its <\/span>Monetary Authority<\/span><\/a> with a focus on accountability.<\/span><\/p>\n

South Korea\u2019s proposed reforms echo many of these practices but remain limited in scope and enforcement. For example, while Taiwan and Japan have emphasized shareholder participation, South Korea\u2019s reforms apply narrowly to listed companies and select transactions.<\/span><\/p>\n

Similarly, the absence of clear penalties or robust regulatory oversight places South Korea behind Singapore and Hong Kong in terms of implementation.<\/span><\/p>\n

\"\"

An illustration depicting the differences between large and small investors | Image: Korea Pro<\/em><\/p><\/div>\n

MISSED ESG OPPORTUNITIES<\/b><\/p>\n

The FSC\u2019s amendments focus exclusively on governance, overlooking broader environmental, social and governance (<\/span>ESG<\/span><\/a>) considerations.\u00a0<\/span><\/p>\n

For example, global markets increasingly tie governance reforms to board diversity and climate risk disclosures, areas where South Korea lags behind peers like Hong Kong and Singapore.<\/span><\/p>\n

South Korea\u2019s failure to address these dimensions limits its appeal to ESG-focused funds, which represent a <\/span>growing share of global capital<\/span><\/a>.<\/span><\/p>\n

Integrating ESG priorities into future reforms would align South Korea more closely with global trends, enhancing its competitiveness as an investment destination. Without such integration, the country risks lagging behind its peers, even as it makes strides in governance.<\/span><\/p>\n

LOOKING AHEAD<\/b><\/p>\n

The FSC\u2019s proposed amendments are an important step toward addressing South Korea\u2019s corporate governance challenges. However, their success depends on addressing significant gaps.<\/span><\/p>\n

If implemented effectively and expanded over time, these changes could foster a more equitable and transparent environment.\u00a0<\/span><\/p>\n

But without stronger enforcement and broader applicability, the amendments risk being symbolic rather than transformative, leaving systemic governance challenges unresolved.<\/span><\/p>\n

Edited by Alannah Hill<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s Financial Services Commission (FSC) has proposed amendments to the Capital Market Act to improve corporate governance and protect minority shareholders. However, questions remain about whether these changes can meaningfully address systemic issues in the country\u2019s chaebol-dominated economy and if they align with international governance standards. The proposed reforms, introduced on Monday, aim to […]<\/p>\n","protected":false},"author":10407,"featured_media":2207342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,27],"class_list":["post-2207341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nSouth Korea\u2019s bid to overhaul corporate governance faces key enforcement hurdles - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/12\/south-koreas-bid-to-overhaul-corporate-governance-faces-key-enforcement-hurdles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s bid to overhaul corporate governance faces key enforcement hurdles - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Financial Services Commission (FSC) has proposed amendments to the Capital Market Act to improve corporate governance and protect minority shareholders. 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