김상조 "기업 지배구조 평가 때 위법행위 주시"
Korea's corporate regulator, the Fair Trade Commission, is going to be closely watching companies making changes to their corporate structure... in order to benefit smaller shareholders.
That's what the head of the FTC, Kim Sang-jo, said today after Hyundai Motor Group canceled a shareholder meeting because of opposition to a plan to strengthen the transfer of control over the company from father to son.
Those opposed to it included some institutional investors and the world's largest activist fund Elliot Management.
They say it would only help the succession plan and not benefit minority shareholders.
Speaking before a parliamentary committee, the FTC chairman said he is pushing for a government-wide effort to level the playing field in a changing financial market.
