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INDEPENDENT DIRECTORS KEY TO BETTER S KOREAN CHAEBOL: US EXPERT.
SEOUL, Nov 1 Asia Pulse - South Korea must strengthen the role of independent directors in order to improve the corporate governance of its family-controlled conglomerates, a U.S. expert said Monday.
"The country has come a long way since the 1997-98 financial crisis, but in order to move forward, independent investors must play a greater role," Adam Pritchard, a law professor at the University of Michigan, said at an international seminar hosted by the Korea Development Institute (KDI).
The professor also said that in light of the "dominance" of the chaebol and the control over top-performing companies by a small number of people, it is imperative to enhance the role of outside directors, who are preferably selected by institutional investors.
Pritchard said such a step will allow better protection for small-time shareholders and mitigate the negative impacts of boards of directors of chaebol groups, which he said are filled with insiders and "friends" of chaebol families.
The "friendly" ...
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Source: HighBeam Research, INDEPENDENT DIRECTORS KEY TO BETTER S KOREAN CHAEBOL: US EXPERT.