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…
The Korea Times reports that the Financial Services Commission (FSC) has proposed a reform plan to tighten oversight of financial companies by requiring a 75% shareholder approval threshold for financial chiefs seeking a third consecutive term. The plan, which aims to gradually increase approval requirements for financial group chiefs seeking reappointment, starts with a minimum of two-thirds of the nomination committee members approving a candidate for an initial appointment.
For a second term, the requirements become stricter, with at least three-quarters of the nomination committee members needed to support the candidate's reappointment, and shareholder approval requiring at least two-thirds of voting rights represented at the meeting.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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