Gov"t to Fortify Companies" Management Responsibilities
The government announced on November 26 that it will present a bill to the National Assembly that will strengthen management responsibilities of companies and implement the bill next year.To do so, the government will restrain directors who are responsible for insolvent companies from holding positions in other companies.
The government will punish management boards and managers as well as companies themselves if companies commit crimes such as inflating operating records deliberately or submitting untruthful reports to financial institutions.
The government will introduce a requirement that when management boards pay fines for wrongdoings, they must pay such fines from their personal income or by selling their assets like company stock holdings, not the company's.
with the Korea JoongAng Daily
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