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Korea Fair Trade Commission director general Joong-weon Jeong gives his assessment on the development of competition law in Korea, and throws a spotlight on the internal workings of one of the most aggressive fair trade commissions in Asia

Provisions regarding consent orders were one of the notable features of the Korea-US Free Trade Agreement. Announced benefits include lightening the caseload of Korea’s Fair Trade Commission, the cutting of time and costs, and giving consumers a better deal. But will it catch on?

With an increasing number of regulations being introduced to combat any anti-competitive consequences from the rise in global mergers and acquisitions, Koreas’ Fair Trade Commission has been escalating its merger control responsibilities. Companies engaged in such deals should take note

By Kyoung Yeon Kim, partner, Yulchon

Yong Seok Ahn

The Financial Supervisory Service (FSS) of South Korea has announced a new corporate disclosure system

As the Korean economy expands, the country’s companies are being made to realise the importance of meeting corporate governance standards – and not just in Korea

The ACGA’s Jamie Allen, secretary general, and Charles Lee, research director for North Asia, believe that corporate governance in Korea is heading in the right direction, but that real progress will require a change in culture

Pos. Country 2007 2010 Change Trend of CG reform 1 Singapore 65 67 (+2) Improving slowly, negatives cancel positives 2 Hong Kong 67 65 (-2) Some regression, static overall 3 Japan 52 57 (+5) Improving, but will reform be sustained? 4 Taiwan 54 55 (+1) Static overall, loss of focus 4 Thailand 47 55 (+8) Improving, but political uncertainties remain 6 Malaysia 49 52 (+3) Improving, but held back by ‘CG culture’ 7 India 56 49 (-7) Over-rated last time, but slow improvements 7 China 45 49 (+4) Improving, but held back by ‘CG culture’ 9 Korea 49 45 (-4) Regressing, turning inward 10 Indonesia 37 40 (+3) Improving, but weak political system 11 Philippines 41 37 (-4) Regressing, but new government may help Pos. Country 2010 Score World-class benchmark 80% 1 Singapore 67 (-13) 2 Hong Kong 65 (-15) 3 Japan 57 (-23) 4 Taiwan 55 (-25) 4 Thailand 55 (-25) 6 Malaysia 52 (-28) 7 India 49 (-31) 7 China 49 (-31) 9 Korea 45 (-35) 10 Indonesia 40 (-40) 11 Philippines 37 (-43) Pos. Country Total CG rules & practices Enforcement Political & regulatory IGAAP CG culture 1 Singapore 67 65 60 69 88 53 2 Hong Kong 65 59 63 67 80 54 3 Japan 57 45 53 62 75 53 4 Taiwan 55 50 47 56 78 46 4 Thailand 55 56 42 54 73 49 6 Malaysia 52 49 38 60 80 32 7 India 49 46 36 54 63 43 7 China 49 47 36 56 75 30 9 Korea 45 43 28 44 78 33 10 Indonesia 40 39 28 33 67 32 11 Philippines 37 35 15 37 75 25 Click here to return to IFLR supplements

South Korea’s National Pension Fund Operation Committee has amended the Guidelines for Voting of the Fund to deliberate on the independency of outside directors