An ad hoc policy panel in South Korea recommended the addition of employee representatives to the boards of financial institutions.
The Financial Supervisory Innovation Committee, which was formed in August, submitted its final report to South Korea's Financial Services Commission on Dec. 20. Board-level employee representation, or addition of labor-sponsored experts to companies' boards as workers' representatives, is a new concept for South Korea's financial and corporate sectors.
Among other things, the report cited a lack of transparency in CEO appointments at some financial holding companies and recommended mandatory eligibility requirements for CEO candidates and more diverse participation in CEO-nomination committees.
