Attended and Delivered a Lecture at the Korea Chamber of Commerce and Industry Financial Industry Committee Meeting
On the 15th, Lee Bok-hyun, Governor of the Financial Supervisory Service, stated, "As productivity across our country's industries is declining and the population structure is aging, it is time for the capital market to play a role in revitalizing the national economy."
Governor Lee made these remarks during a lecture titled "A Great Transformation of the Capital Market and Steps Toward the Leap of Our Companies and Capital Market" at the 40th meeting of the Financial Industry Committee of the Korea Chamber of Commerce and Industry held at the Westin Chosun Hotel in Jung-gu, Seoul.
Governor Lee emphasized that companies should smoothly raise funds through the capital market, and citizens should enjoy corporate performance through stock price increases and dividends or reinvest, thereby activating a new virtuous cycle.
He said, "The financial authorities have pursued policies with three objectives for the development of the capital market," adding, "To support corporate growth, we have rationalized regulations on mergers and acquisitions (M&A), expanded policy financing for domestic companies' overseas expansion, and reduced burdens by providing incentives such as exempting companies with excellent governance from the auditor designation system."
He continued, "To create a shareholder-friendly environment, we have prepared measures to prevent major shareholders from using treasury stocks, such as prohibiting new share allotment for treasury stocks during spin-offs, and established dividend procedures where the dividend amount is determined first, followed by the shareholders who will receive the dividend. We will also raise the ethical standards and expertise of auditors to meet international standards."
Governor Lee added, "To build an efficient capital market infrastructure, we restructured the market by introducing an alternative exchange and will enhance global investors' access to information by providing an English service for the electronic disclosure system (DART). We will also strictly crack down on unfair trading by reforming the reward system for reporting unfair capital market transactions."
Meanwhile, the meeting was attended by Choi Hyun-man, Chairman of the Financial Industry Committee of the Korea Chamber of Commerce and Industry and Advisor at Mirae Asset Securities, along with committee members and representatives from non-financial listed companies such as Samsung Electronics and Hyundai Motor Group, who listened to the lecture and participated in discussions.
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