Korea tightens corporate governance disclosure rules to strengthen shareholder protections

The Financial Services Commission and the Korea Exchange announced tougher corporate governance disclosure rules for all KOSPI-listed companies on Thursday. The guidelines require companies to explain board changes that could affect cumulative voting and to disclose shareholder engagement and transaction details for separate subsidiary listings and rights offerings. Companies must also disclose year-end dividend plans and amounts at least six weeks before their annual general meetings, giving shareholders more time to review them.

The reporting requirement was extended to all 826 KOSPI-listed companies this year.

Under the revised Commercial Act, listed companies with assets of at least 2 trillion won must incorporate cumulative voting, which lets shareholders pool votes behind a director candidate.

Transaction disclosures must state whether new shares will be sold to outside investors, the offering size and discount rate, and how proceeds will be used.

Companies must explain whether changes to board size or directors’ terms could affect shareholders’ ability to use cumulative voting.

Published Nov 5, 2026 2:37 pm KST

Financial Services Commission offices inside Government Complex Seoul / Korea Times photo by Hong In-ki

All companies listed on the benchmark KOSPI will face tougher disclosure requirements on boardroom changes and major corporate transactions under new rules designed to give shareholders greater oversight of corporate governance, financial authorities said Thursday.

The changes, announced by the Financial Services Commission and the Korea Exchange, expand the information companies must provide in their annual corporate governance reports. The move comes after the reporting requirement was extended to all 826 KOSPI-listed companies this year.

One focus is on preventing companies from circumventing the revised Commercial Act that is designed to give minority shareholders a greater say in board appointments.

Under the law, listed companies with assets of at least 2 trillion won ($1.49 billion) must incorporate cumulative voting, which allows shareholders to pool their votes behind a particular director candidate, improving the chances of minority shareholders electing a representative to the board.

Some companies, however, have sought to avoid the rule by shrinking their boards or changing directors’ terms. Under the new guidelines, they will have to explain why they are making such changes and whether those moves could affect shareholders’ ability to practice cumulative voting.

Firms planning to list a subsidiary separately or raise capital through a rights offering will also have to spell out how they have engaged with shareholders, given concerns that such transactions could dilute existing shareholders’ stakes.

The disclosures must cover key details of the proposed transactions, including whether new shares will be sold to outside investors, the size and discount rate of an offering and how the proceeds will be used.

The revised guidelines also give shareholders more time to weigh in on dividend policies. Companies will have to disclose their year-end dividend plans and amounts at least six weeks before their annual general meeting — the deadline for shareholders to submit proposals.

Until now, firms typically announced annual meetings just two weeks beforehand and published their business reports a week before the meetings, leaving limited time for shareholders to review dividend information and exercise their rights.

韩国金融服务委员会和韩国交易所周四宣布，将对所有在韩国综合股价指数（KOSPI）上市的公司实施更严格的公司治理信息披露规则。新规要求公司解释可能影响累积投票权的董事会变更，并披露子公司单独上市和配股发行的股东参与情况和交易详情。此外，公司还必须在年度股东大会召开前至少六周披露年终分红计划及金额，以便股东有更多时间进行审阅。

今年，报告要求扩大到所有 826 家在 KOSPI 上市的公司。

根据修订后的《商法》，资产至少达到 2 万亿韩元的上市公司必须实行累积投票制，允许股东集中投票支持董事候选人。

交易披露必须说明是否会向外部投资者出售新股、发行规模和折价率，以及所得款项将如何使用。

公司必须解释董事会规模或董事任期的变化是否会影响股东使用累积投票权的能力。

发布于2026年11月5日下午2:37（韩国标准时间）

首尔政府大楼内的金融服务委员会办公室 / 韩国时报 洪仁基摄

韩国金融监管机构周四表示，根据旨在赋予股东更大公司治理监督权的新规，所有在基准韩国综合股价指数（KOSPI）上上市的公司都将面临更严格的董事会变更和重大公司交易信息披露要求。

韩国金融服务委员会和韩国交易所宣布的这些变更扩大了公司在年度公司治理报告中必须提供的信息范围。此前，今年所有826家在韩国综合股价指数（KOSPI）上市的公司都已开始要求提交此类报告。

重点之一是防止公司规避修订后的《商业法》，该法旨在赋予少数股东在董事会任命方面更大的发言权。

根据法律规定，资产至少达到 2 万亿韩元（14.9 亿美元）的上市公司必须采用累积投票制，允许股东集中投票支持特定的董事候选人，从而提高少数股东选举代表进入董事会的机会。

然而，一些公司试图通过缩减董事会规模或改变董事任期来规避这项规定。根据新规，这些公司必须解释其做出此类变更的原因，以及这些举措是否会影响股东行使累积投票权的能力。

计划将子公司单独上市或通过配股筹集资金的公司，还必须详细说明他们是如何与股东沟通的，因为人们担心此类交易可能会稀释现有股东的股份。

披露内容必须涵盖拟议交易的关键细节，包括是否会向外部投资者出售新股、发行规模和折价率以及所得款项的用途。

修订后的准则还给予股东更多时间对股息政策发表意见。公司必须在年度股东大会召开前至少六周披露其年终股息计划和金额——股东大会是股东提交提案的截止日期。

此前，公司通常只在股东大会召开前两周宣布股东大会，并在会议召开前一周发布业务报告，留给股东查看股息信息和行使权利的时间非常有限。