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Unlisted financial firms to face regulator supervision.
(From The Korea Herald)
The government's upcoming market reform measures will require unlisted financial institutions to fill more than half their board seats with outside directors and put major shareholders of financial firms under the regulator's supervision, officials said yesterday.
According to a task force established to work out market reform policies, these plans are aimed at freeing financial units of sprawling conglomerates, or chaebol, from the influence of their controlling families.
Currently, only listed financial institutions are obliged to have outside directors take at least half of their board seats, but under the new measures unlisted firms will also be subject to the rule.
The measures will also require major shareholders of financial institutions to face inspections and ...
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