Press Release 2023 AGM Review (3) 2023.11.24
- In line with the international trend of mandating the appointment of women directors, Korea also made it mandatory by revising the Financial Investment Services and Capital Markets Act (FSCMA) for listed firms with KRW2 trillion or more in total assets to appoint at least one woman director and the grace period of the new requirement ended recently.
- Also, there is a growing demand for the appointment of women directors from capital markets as evidenced by new guidelines published by global institutional investors, local and global proxy advisors, etc. to consider gender diversity on boards when exercising voting rights.
- Against this backdrop, KCGS intends to look at the trend of women director appointments at domestic listed firms over the past five years and examine the circumstances related to women directors in detail, focusing on the firms subject to the revised FSCMA.
- During the analysis period, there was a steady increase in the appointment of women directors at domestic listed firms in general, and the firms subject to the revised FSCMA showed an even larger increase.
- By the end of the 2023 annual general meetings, ten companies out of those subject to the FSCMA did not appoint any woman director. Investors need to continuously monitor whether or not the companies appoint women directors in the future.
For the details, please check the attached file.
- [KCGS-R] 2023 AGM Review(3) - Analysis of Women Director Appointments in Korea.pdf