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South Korea’s FSC tightens regulations for non-executive directors

( November 21, 2014, 06:05 GMT | Official Statement) -- South Korea’s Financial Services Commission, the country's financial watchdog, announced on its website that financial firms will be required to appoint non-executive directors with diverse and professional experience in finance. Additionally, the appointment term for non-executive directors has been shortened from two years to one. The FSC also revealed a new governance code for companies in order to revise corporate boardroom practices. The new regulations apply to financial companies with assets exceeding 2 trillion won ($1.79 billion) and will be effective from Dec. 10, the FSC said....

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