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South Korea's Financial Services Commission Reaffirms Plan to Institutionalize Financial Conglomerate Governance Reforms via Law Amendment on July 29

2026-07-29 08:16:50

According to South Korea's Financial Services Commission, the agency reaffirmed on July 29 its commitment to institutionalize financial conglomerate governance reforms through amendments to the Financial Company Governance Law. Financial Services Commission Chair Lee Euk-won stated during a parliamentary political affairs committee session that the existing Financial Company Governance Law would serve as the legal basis for the reform measures. The planned reforms include limiting financial conglomerate chairs to a maximum of three consecutive terms, strengthening the independence of boards of directors, and enhancing institutional investors' oversight functions. The detailed reform proposals are expected to be announced shortly.

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