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Only 3 of 449: South Korea’s Outside Directors Largely Silent in Boardrooms, Data Shows

SEOUL, July 23 (Korea Bizwire) — Despite decades of reforms aimed at strengthening corporate governance, a new analysis reveals that South Korea’s outside directors—soon to be renamed “independent directors”—overwhelmingly rubber-stamped board proposals in 2023, with only a handful showing independent judgment. According to data from the Financial Supervisory Service released Sunday, 122 listed affiliates of [...]

Top Chaebols Favor Industry Insiders Over Academics and Ex-Prosecutors for Board Seats

SEOUL, May 26 (Korea Bizwire) — South Korea’s top 30 conglomerates are increasingly choosing people with a business background over former prosecutors or professors as their outside directors, industry data showed Tuesday. According to data from corporate tracker Leaders Index, 239 listed units of the country’s top 30 conglomerates by assets hired 152 new outside [...]

Corporate Boards in South Korea Employ Over 1,200 Outside Directors

SEOUL, Mar. 21 (Korea Bizwire) – The number of outside directors working for South Korea’s 50 largest corporate groups surpassed 1,000 last year, with nearly 90 individuals serving on the boards of two separate companies, according to a report released on Monday. The Korea CXO Institute, a corporate analysis firm, found that among the top 50 [...]

Large Firms’ Outside Directors Rubber-stamp Key Decisions

SEOUL, March 24 (Korea Bizwire) — Outside directors at South Korea’s major listed companies voted for nearly all agenda items at board meetings in 2020, a report showed Wednesday, raising suspicions that they serve as mere rubber stamps. Independent directors at 277 listed units of 64 conglomerates approved 99.53 percent of the total 6,716 motions [...]

Top Groups Prefer Retired Officials as Outside Directors: Data

SEOUL, Mar. 12 (Korea Bizwire) — South Korea’s key business groups still prefer retired government officials as outside directors despite alleged bribery involving former President Park Geun-hye and some conglomerates, data showed Monday. A total of 46 former government officials were appointed by the listed units of the top 10 family-controlled conglomerates this year, or [...]

Role of Conglomerates’ Outside Directors Minimal

SEOUL, Dec. 27 (Korea Bizwire) — Outside directors at South Korea’s major conglomerates play an insignificant role in corporate decisions, with their agenda disapproval rate remaining very low, a government report showed Wednesday. Of the 4,361 motions forwarded for approval by the board of 169 listed companies in the one-year period from April 2016, only [...]

Outside Directors Rubber-stamping Key Decisions: Report

SEOUL, Nov. 15 (Korea Bizwire) — Outside directors at South Korea’s major listed companies are suspected of serving as mere rubber stamps, as their agenda disapproval rate is extremely low, a proxy advisory firm report said Wednesday. Sustinvest Inc. said independent directors at only 25 of the 882 firms listed on the country’s main and [...]

Former High-rank Government Officials Favored for Outside Directors

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s major business groups prefer retired public officers as outside directors, data showed Wednesday, in a widespread practice to expand their network in the government. According to corporate researcher CEO Score, 38.6 percent of 609 outside directors serving at 187 listed firms affiliated with the nation’s top 30 [...]