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South Korea (Management monitoring by the market (Code of Best Practices…
South Korea
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Shareholders
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right to attend and vote at general shareholder
meetings, and to receive relevant information in a timely way
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Audit systems
audit committee must haveat least three board members should be outside directors
and 1 professional audit
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external audit
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should attend the company’s general shareholder
meeting and answer shareholders’ questions on the audit report
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The chaebols are large Korean conglomerates considerable power cross-holdings of shares in various companies
constitute powerful family
interests in Korea more control in a particular company
than their shareholdings on paper would merit often have little regard for the rights
and interests of minority shareholders.
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South Korea, with its chaebol representing the interests of dominant shareholders, often
family groups