South Korea to strengthen supervision of bank governance practices
SEOUL, April 4 (Reuters) - South Korea's financial regulator said on Tuesday it would focus its supervisory activity over banks on improving their corporate governance and internal control practices, which it said fell short of global standards.
The Financial Supervisory Service (FSS) said in a statement that the country's banks were perceived to be lagging behind global standards in such aspects as the composition of their boards of directors, selection of executives and interactions with shareholders.
The FSS also said, while explaining its annual operation plans, it would aim to draw up a set of guidelines on these aspects for implementation from next year. (Reporting by Choonsik Yoo; editing by Christian Schmollinger)
