Part 1 Meeting on 'Capital Markets Act' Amendment Discussions
"Gender Diversity, a Necessary Measure to Gain Competitiveness in the Global Market"
[Asia Economy Reporter Hyunju Lee] On the 18th, the Ministry of Gender Equality and Family will sign a voluntary agreement with MetLife Life Insurance and AXA General Insurance at the Government Seoul Office to promote gender diversity within companies.
The voluntary gender balance agreement is an awareness improvement initiative aimed at encouraging companies to participate in enhancing gender diversity. This is the 12th and 13th agreement, with 65 companies having participated so far.
MetLife Life Insurance stated in this voluntary agreement that by 2022, it will maintain a female executive ratio of over 30% and expand the proportion of female managers at the department head level, including team leaders, to 30%, supporting work-life balance through systems such as the male parental leave system. The male parental leave system allows up to 20 days of parental leave, with 10 days paid and 10 days unpaid.
AXA General Insurance commits to expanding the ratio of female executives and female managers at the department head level, including team leaders, to 30%, strengthening the female talent development system, and introducing flexible working hours as part of its commitment to work-life balance.
Prior to this voluntary agreement, a meeting was held to discuss the significance of the amendment to the Capital Market Act, measures to ensure enforcement, and expected effects. Company executives, experts, representatives from the Korea Exchange, the Korea Corporate Governance Service, and Bloomberg attended. Bok-sil Lee, Chairperson of the Korea Chapter of the International Women Directors Association, explained, "Gender diversity on corporate boards is a recent major global investment criterion and an essential measure to secure competitiveness in the global market."
The Ministry of Gender Equality and Family plans to disclose the gender status of executives of all listed companies again this year, following last year. In particular, the gender status of executives of listed companies with total assets exceeding 2 trillion won will be disclosed separately. Minister Jeong-ok Lee of the Ministry of Gender Equality and Family said, "Through this legal amendment, we expect competitiveness to improve as women with different perspectives and experiences participate in management," adding, "We will strive to increase social acceptance of the law's intent as an opportunity arising from the amendment."
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