How could South Korea break away from past malfeasance?
The country must commence by improving its accountability. This has two components. Firstly, restitution of previously misappropriated assets provides a strong deterrent to future malfeasance. This is why it’s imperative to have a full accounting of the money missing from SK Global. Secondly, directors of public companies must be made responsible for their actions. When systems are created which break the link between actions and consequences, it leads to dysfunctionality and corruption. One suggestion to strengthen the accountability of directors to shareholders would be introducing a law requiring that company directors be reelected annually and barring individuals with criminal convictions from serving as the directors of public companies for five years. Q: Do you see significant changes made in Korea’s corporate sector? A: Clearly, Korea is making progress, but not as quickly as it may appear on the surface. Many cosmetic changes have left the underlying problems intact. What the m
