The March shareholder meetings in South Korea are poised to test whether the country's firms can finally overcome the long-standing 'Korea discount.' This phenomenon has kept the valuations of South Korean companies lower compared to their international counterparts, even amidst recent economic improvements, notably the semiconductor boom bolstered by AI investments. Supporters of corporate reform in South Korea are optimistic that revisions to the commercial code—though historically slow to enact real change—will aid in addressing the governance issues that have plagued Korean corporations for decades.

However, experts caution that merely amending legislation is not enough to instigate overnight improvements in corporate governance practices. Past attempts at reform, such as introducing outside directors on boards, have met with limited success, often leading to subpar implementation or misrepresentation of intended goals. This skepticism is part of a broader dialogue in South Korea regarding the real impacts of governance reforms on economic performance and investor perception.

To contribute to this crucial discussion, the Hankyoreh organized an international forum, “How to Approach the ‘Korea Premium’ Era,” preceding the general stockholder meetings. Held at the National Assembly in Seoul, the forum aimed to create a platform for dialogue among lawmakers, economists, and business leaders about the steps required to elevate South Korean companies and align them with global standards. As the meetings approach, the focus will be on how effectively these reforms can change the narrative surrounding the 'Korea discount' and invite renewed confidence from investors.