Patrick Winter is the Asia-Pacific area managing partner for EY.
With the inauguration of Lee Jae-myung as President of the Republic of Korea on June 4, legislative and regulatory change is likely to be coming for the country’s corporate governance system. Binding and enforceable requirements could soon replace the largely voluntary and incentives-based measures in the ‘Corporate Value-up Program’ introduced last February. Forward-looking South Korean companies shouldn’t wait for the law to change, though. By acting now to strengthen corporate governance — or accelerating existing efforts — they can stand out before all companies are required to comply.
