[Korea Capital Market Conference 2024],
Kim Byung-hwan, Chairman of the Financial Services Commission, delivering opening remarks at a press briefing held at the Government Complex Seoul in Jongno-gu, Seoul, on the 30th of last month. /Photo=News1.
Kim Byung-hwan, Chairman of the Financial Services Commission, stated, “Recently, our stock market’s performance is perceived as lackluster compared to overseas, and the proportion of domestic investors investing directly in overseas stock markets is increasing. This is unfortunate and weighs heavily on me as a policymaker.” He made these comments during the ‘Korea Capital Market Conference 2024′ held at the Conrad Seoul Hotel in Yeouido, Seoul, on the morning of the 4th.
Chairman Kim emphasized, “For value-up, the mindset, practices, and culture of companies need improvement. The Financial Services Commission is pursuing corporate value-up as a core policy to spread a shareholder value-centered corporate culture.”
He continued, “We plan to provide a comprehensive guideline to allow listed companies to establish, implement, and communicate their plans to enhance corporate value. Additionally, we will support company participation through various incentives.”
Moreover, he noted, “The number of companies publicly declaring value-up efforts is gradually increasing, and shareholder returns through stock buybacks, cancellations, and dividends are expanding. The value-up Exchange-Traded Fund (ETF) and Exchange-Traded Note (ETN) being listed today will serve as effective means for investors to evaluate and reflect on the efforts and outcomes of the listed companies’ value-up initiatives, and it is expected to mark a turning point for a more serious engagement in value-up by our companies.”
Chairman Kim highlighted, “Bills related to the abolition of the Financial Investment Income Tax, the expansion of tax support for Individual Comprehensive Asset Management Accounts (ISA), and the promotion of shareholder returns are pending in the National Assembly. Regarding delisting, stricter criteria and swift procedures should be established. The venture of our stock market’s value-up is a common challenge and goal that we all deeply aspire for.”
He added, “It cannot be achieved solely by government logic, or solely by the power of market participants, investors, or corporate changes. We must move forward together.”