The recent rise in the KOSPI index, which has surpassed the 5,000-point mark, is attributed not only to booming semiconductor investments in artificial intelligence but also to expectations around amendments to the Commercial Code that may enhance the outdated governance structures of Korean companies. However, experts caution that mere changes to a few legal provisions may not suffice to transform the corporate governance ecosystem in South Korea. Instances from the past, such as the ineffective implementation of systems that worked well elsewhere, raise concerns about the potential distortion of reform intentions and the sustainability of such changes.

In light of the significant shareholding season approaching in late March, Hankyoreh hosted an international forum themed "What Should We Do in the Era of Korea Premium?" This event held at the National Assembly highlighted the partnership between the Hankyoreh Economic and Social Research Institute and the KOSPI 500 Committee, led by Democratic Party’s special committee on K-capital markets. Despite expectations for a shift in the business circles following previous legal amendments, critiques shared by gathered experts pointed out significant gaps still remaining in the empowerment of shareholders, who lack effective methods to preemptively check corporate managers and major shareholders before it’s too late, necessitating a long-term roadmap to transition from a management-centric to a shareholder-centered governance structure.

Moreover, the forum revealed the poignant issue of directors making decisions detrimental to shareholders' interests, such as dual listings of subsidiaries and unfair buyback prices. According to legal experts, for the revised laws to take effect, shareholders must be willing to litigate against weak corporate governance practices, thereby establishing legal precedents — yet the prohibitive costs of litigation pose a significant barrier to this path. As the March meetings loom, the discussions hint at a crucial test for business transparency and accountability as corporations face increased scrutiny from their shareholders.