governance
Screen board candidates against Korea's independence tests and keep small-cap listed companies above the one-third threshold with documented evidence.
Corporate secretaries and IR officers at KOSDAQ-listed companies below KRW 2 trillion in assets
The minimum independent-director ratio rose from one-quarter to one-third for listed companies with assets below KRW 2 trillion, and those companies rarely have a governance team to prove a candidate is independent of the controlling shareholder.
Every listed market tests board independence against related-party ties and employment history, and small-cap issuers everywhere lack the governance staff to document it. The evidence-collection workflow transfers unchanged; only the test set is jurisdictional.
The one-third ratio, the KRW 2 trillion asset boundary, and the controlling-shareholder relationships being tested are defined by the Korean Commercial Code.
an increase in the minimum ratio of independent directors from one-quarter to one-third on boards of companies with assets below KRW 2 trillion (approximately US$ 1.4 billion)
Asian Corporate Governance Association · 2026-08-10 · observed
Interview five target customers about their current workaround.
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