South Korea Conglomerates hasten to add women to boards

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(The Korea Herald)

South Korea’s top-tier businesses are making hurried moves to secure female figures for their boards of directors, aiming to finalize the appointments for their forthcoming annual shareholders’ meetings later this month.

The key driving factor is the Capital Market and Financial Investment Business Act, which applies enhanced standards for companies’ gender equity and major shareholders’ voting rights.

Under the new rules, which are to take effect in August 2022, listed companies with assets or market capitalization worth 2 trillion won ($1.77 billion) or more will be banned from forming a single-gender board of directors.

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