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KOSPI 5,000 Special Committee wins top honor at Korea Corporate Governance Awards

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By Lee Yeon-woo
  • Published KST
Winners of the Korea Corporate Governance Awards pose during the ceremony at the Federation of Korean Industries headquarters in Seoul. Courtesy of the Korean Corporate Governance Forum

Winners of the Korea Corporate Governance Awards pose during the ceremony at the Federation of Korean Industries headquarters in Seoul. Courtesy of the Korean Corporate Governance Forum

The KOSPI 5,000 Special Committee has been named the Grand Prize winner of the fourth Korea Corporate Governance Awards, the Korean Corporate Governance Forum (KCGF) announced Wednesday.

Rep. Oh Gi-hyoung of the ruling Democratic Party of Korea, who chairs the committee, accepted the award at a ceremony held at the Federation of Korean Industries headquarters in Seoul.

KCGF recognized the committee's efforts to spearhead legislative reforms that contributed to the benchmark KOSPI posting the highest growth among major global stock markets this year.

In July, the first amendment to the Commercial Act was passed, introducing a fiduciary duty for directors toward shareholders. This was followed in August by a second amendment mandating cumulative voting for listed companies with assets exceeding 2 trillion won ($1.36 billion). A third amendment, which will require companies to cancel treasury shares within one year of repurchase, is expected to pass before the end of the year.

Innovator Awards were also presented to individuals and organizations in five categories: APR CEO Kim Byung-hoon (business leader), the Asia Corporate Governance Association (investor), Korea Accounting Institute CEO Yi Han-sang (public official), Kyungpook National University professor Lee Sang-hoon (academic), and journalists Kim Jung-seok of Maeil Business Newspaper and Kim Hak-sung of Yonhap Infomax (media).

Established in 2022, the Korea Corporate Governance Awards aim to recognize and promote individuals and institutions that have made significant contributions to advancing corporate governance in Korea. The awards are sponsored by the Korea Corporate Governance Improvement Fund.

The Grand Prize winner receives a cash award of 20 million won, while Innovator Award recipients are granted 10 million won each, along with commemorative plaques.