South Korea’s Financial Services Commission (FSC) has proposed expanding the scope of the country’s Stewardship Code to improve the implementation and effectiveness of the code. Changes would include extending the scope of trustee responsibility and the targeted asset base, as well as strengthening compliance checks. “The Stewardship Code has a significant impact on the overall capital market and companies,” FSC Vice Chairman Kim So-young said at a seminar. “Improvements must be made so that it can reflect market changes and the needs of general investors in a timely manner in order to enhance trust in the capital market.” He highlighted the importance of ensuring institutional investors periodically check and disclose their compliance with the code to boost trust among investors. Since the code was introduced in 2016, 239 institutional investors and 133 asset managers have become signatories.
