On November 12, South Korea's Democratic Party and financial authorities announced governance reforms for financial holding company CEOs, aiming to prevent self-succession by CEOs. Key measures include mandating nomination committees for executive candidates to be composed entirely of independent directors, strengthening shareholder voting requirements for CEO reappointment, and expanding shareholders' rights to nominate independent director candidates. The authorities will also introduce executive performance compensation clawback mechanisms. The Financial Supervisory Service pledged to enforce strict penalties for regulatory violations.

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