Corporate governance south korea

  • What legal system does South Korea use for business?

    South Korea has a civil law system, which has been historically influenced by Japanese and European laws and common law principles.
    More recently, US law has become influential in South Korean commercial law.
    South Korea is governed in large part by federal laws..

  • There are four types of business structures in Korea: sole proprietorship, partnership, limited liability company (LLC), and corporation.
    Each has its own advantages and disadvantages, and it is important to choose the one that suits your business needs.
Board members do not have to own shares in the company for which they serve in Korea. Companies, however, may require such ownership in their articles of 

Are there any laws & regulations regarding corporate governance in Korea?

Other than the Act on Corporate Governance of Financial Companies, which applies solely to financial companies, there are no mandatory laws or regulations concerning corporate governance matters in Korea.

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Did poor corporate governance worsen the financial crisis in South Korea?

Overall, these results suggest that extremely poor corporate governance of the dominant chaebol may have worsened the impact of the financial crisis in South Korea in the late 1990s.
These results are consistent with anecdotal evidence provided by both the business press and corporate governance experts in South Korea.

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Who controls the corporate sector in South Korea?

In fact, the largest 10 families in South Korea control around one-third of the corporate sector (Claessens et al., 2000).

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Who enforces corporate governance rules based on the KCC?

The Ministry of Justice and the Financial Services Commission are the primary government agencies responsible for enforcing rules on corporate governance derived from the KCC, the Capital Markets Act and the Act on the Corporate Governance of Financial Companies (ACGFC).


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