According to a joint statement issued by South Korea's financial regulators, South Korea plans to tighten the governance rules of financial institutions, including raising the threshold for CEOs of bank holding companies to seek re-election and introducing an independent director system in all financial institutions. The regulator aims to completely overhaul the practice of long-term re-election of CEOs of bank holding companies. The CEO Nomination Committee will be composed entirely of independent directors, and incumbent CEOs will be prohibited from improperly interfering with the succession process. Listed financial companies will introduce relevant systems to allow shareholders who have reached a specified shareholding ratio to recommend independent director candidates. The Financial Services Commission plans to complete preparations for the revision of the Financial Corporate Governance Act by the end of the year.

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