Gov't to curb incumbents' influence over CEO selection process in sweeping corporate governance overhaul
The government is set to prevent incumbent CEOs at financial companies from having an undue influence on appointing their successors, while imposing tougher voting requirements for bank holding company chiefs who seek to extend their tenure, according to financial authorities, Thursday. The measures are part of a long-delayed corporate governance reform package unveiled by the Lee Jae Myung administration and the ruling Democratic Party of Korea (DPK), aimed at making leadership succession more transparent and strengthening board independence across the financial sector. The Financial Services Commission (FSC) plans to draw up amendments to the Act on Corporate Governance of Financial Companies within the year. The changes are expected to take effect six months after the legislation is passed. A central focus is to give independent directors greater control over leadership succession and strengthen their ability to hold management accountable. Under the proposed changes, committees responsible for nominating CEO candidates would consist entirely of independent directors. Sitting CEOs wou
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The Asia-Pacific Economic Cooperation summit is set to take place in Shenzhen on November 18 and 19. Shenzhen will also be playing host to the first of two further meetings between Chinese President Xi Jinping and US President Donald Trump this year. When the two leaders met in May and September, they called for “constructive strategic stability” as a prescription for US-China relations. Both sides are keen to maintain the fragile detente, in part due to domestic considerations. Beijing wants to...
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Tech watchdog lays out Democratic agenda for first 100 days
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