ExclusiveICGN to host governance forum in Korea in 2026

International Corporate Governance Network (ICGN) CEO Jen Sisson, center, moderates a session at a forum hosted by the Korea Exchange at the exchange's headquarters in Seoul, June 24. On the left is Yi Dong-sub from the National Pension Service, and on the right is Align Partners founder and CEO Lee Chang-hwan. Courtesy of ICGN

International Corporate Governance Network (ICGN) CEO Jen Sisson / Courtesy of ICGN

The International Corporate Governance Network (ICGN) will host a full-day forum in Seoul next spring, encouraged by the new government's efforts to improve governance practices and the resulting enthusiasm from investors.

"We think it is a very exciting time for corporate governance here in Korea," ICGN CEO Jen Sisson told The Korea Times in a recent written interview. "It is great to see the energy and enthusiasm from standard setters, the Korea Exchange, banks, investors and companies — there is a real sense of momentum."

Established in 1995, the ICGN influences policymaking in countries and international organizations such as the OECD and the World Bank through governance-related recommendations.

Influential investors such as the California Public Employees' Retirement System and Japan's Government Pension Investment Fund are among its members, who collectively manage over $90 trillion in assets. From Korea, the National Pension Service and Align Partners are participating.

Sisson visited Korea last week to participate in governance-related conferences and held a series of meetings with key stakeholders.

She said the ICGN forum in 2026 will be a one-day event, with the exact date yet to be confirmed. ICGN has previously held two events in Seoul in 2008 and 2022, both co-hosted by the Korea Exchange.

"I intend to spend more time in Korea, to activate our members' excitement about the market and its potential, and to build our engagement work with regulators and policymakers," the CEO said.

Sisson also highly evaluated the Lee Jae Myung administration's efforts to improve corporate governance practices, including the planned amendment of the Commercial Act. Its core is to expand corporate directors' fiduciary duties to include not only the company but also its shareholders.

"The government is seeking to drive success, to create additional focus on long-term value creation and to attract inward investment by raising governance standards, protecting minority shareholders and building trust and confidence. This is great to see," Sisson said.

She also highlighted the importance of cumulative voting, which is also included in the amendment scheme. Under the current system, boards are often filled exclusively with candidates supported by controlling shareholders.

The suggested system grants shareholders a number of votes equal to the number of directors to be elected multiplied by the number of shares they own. For example, if three directors are to be elected, a shareholder with one share would receive three votes.

Shareholders may allocate all their votes to a single candidate, increasing the chances of electing a director who represents their interests.

"This should help to build other good governance structures, such as more independent directors in the boardroom, more optimized capital allocation and other sustainable long-term business success factors," she said.

Regarding the corporate circle's backlash, which argues that such changes could hinder growth momentum and increase the risk of breach-of-trust prosecutions against executives, Sisson advised Lee to help them understand the potential long-term benefits of some of the governance changes.

"Policy and structural changes are the foundation, then we need to work on embedding these changes and explaining why they are important," she said.