FSC chief vows to make Korea a 'global best market' as ACGA sends rare public thank-you letter

By Seo Ji-yeon, The Herald Business

Financial Services Commission Chairman Lee Eok-won highlighted a rare public letter of appreciation from the Asian Corporate Governance Association recognizing Korea's capital market reforms — including revisions to the Commercial Act — and pledged to make the country "a truly global best market."

Lee shared the letter Monday on his X (formerly Twitter) account in a post titled "Korea's capital market reforms recognized by global investors — ACGA public letter of appreciation."

"The ACGA has sent a public letter of appreciation to the Korean government, including the Financial Services Commission, and to the National Assembly," he said. "This is a highly unusual gesture, and I am deeply grateful and honored to receive such a meaningful letter as we mark the first anniversary of the current administration."

The ACGA is an international organization that conducts research and advisory work aimed at improving corporate governance and ESG — environmental, social and governance — standards across Asia. Its 105 member institutions include global asset managers BlackRock and Vanguard, as well as Korea's national pension fund.

In the open letter, the ACGA praised Korea's recent efforts to improve its capital market regime.

The association said the Commercial Act revision clarifying directors' fiduciary duty to shareholders, the introduction of the term "independent director," strengthened audit committee appointment procedures and measures to expand shareholder participation represented "meaningful and welcome progress."

"These reforms send a clear signal to investors worldwide of Korea's commitment to building a capital market that is transparent, accountable and aligned with international standards," it added.

The ACGA also cited as a key achievement the FSC's adoption of a proposal the association had made during a visit to Korea in March last year — that the results of shareholder meeting votes be disclosed on the same day. The measure took effect starting with this year's regular shareholder meetings.

Lee said he would expand opportunities to actively hear the views of the ACGA and other foreign institutional investors, and pledged to continue efforts to advance the capital market and improve corporate governance.