By Yoon Ja-young
Staff Reporter
The 2008 International Corporate Governance Network (ICGN) Annual Conference kicked off in Seoul Wednesday, with some 500 leaders and experts from 40 countries around the world participating.
The Korea Exchange (KRX), the country's stock market operator, and the Corporate Governance Service (CGS) are hosting the 13th general assembly, at which OECD Secretary-General Angel Gurria, global investors and delegates from international organizations and multinational companies participated.
``Korea has developed remarkably, and is now at the crossroads of turning into an advanced country,'' said Lee Jung-hwan, chairman and CEO of the KRX, in a welcoming speech. Lee emphasized finding a balance between Korea's unique culture and global standards, and setting up a sound capital market system. He also asked participants to pay attention and give advice to the Korean capital market.
``The efforts to improve corporate governance after the Asian financial crisis helped decrease the Korea Discount on the capital market,'' Prime Minister Han Seung-soo said in an opening speech. He said the government will continue to improve regulations, strengthen supervision on internal control, accounting and public disclosure, and introduce global standards in accounting and other areas.
``We will do our best to set up a capital market where global investors from around the world can be assured,'' Han added.
Oh Se-hoon, mayor of Seoul, said the city was making efforts to become an international financial hub.
Korea University Professor Jang Ha-sung, one of the most renowned figures regarding corporate governance here, moderated the first session with participants discussing corporate governance in Asia.
Jesus Estanislao, president and CEO of the Institute of Corporate Directors in the Philippines, gave a presentation on progress that has been made since the Asian financial crisis 10 years ago and suggested priorities for reform.
The assembly runs until Friday.