Authorities propose 75% shareholder approval threshold for financial chiefs seeking 3rd terms
Financial holding company chiefs seeking a third consecutive term would need approval from at least 75 percent of voting rights represented at a shareholders' meeting under a proposed reform plan aimed at tightening oversight of financial companies, according to government sources, Tuesday. The Financial Services Commission (FSC) briefed lawmakers from the ruling Democratic Party of Korea on the…
A proposed reform plan aims to bolster oversight of financial companies by implementing stricter approval thresholds for financial chiefs seeking reappointment, according to government sources. The Financial Services Commission (FSC) has briefed lawmakers from the ruling Democratic Party of Korea on this initiative.
Under the plan, financial group chiefs seeking their first appointment would require support from at least two-thirds of the nomination committee members. The candidate would then need to secure a majority of votes at the shareholders' meeting, with these votes representing a minimum of 25 percent of all shares issued by the company.
To secure a second term, the requirements would become more stringent. The nomination committee would need to approve at least three-quarters of the candidates, while shareholder approval would demand support from at least two-thirds of the voting rights represented at the meeting.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
