Corporate Governance

Korea Proxy Season Review: Examining the Value-Up Transition

South Korea’s Value-Up Program has emerged as the country’s most ambitious attempt in two decades to bridge the “Korea discount” and modernize corporate governance. Since its February 2024 launch and subsequent 2025 promotion, the initiative has spurred measurable shifts—from improved capital distribution to rising levels of investor engagement.

To better understand where progress has been made and where shortcomings persist, ISS-Corporate unpacks key data trends across KRX-listed companies and assesses how Korean corporates compare to global peers in this unfolding chapter of reform.

Download the report to discover the key insights:

  • Recent increases in dividends and share buybacks signal a growing recognition of the importance of capital distribution, but overall Return on Equity (ROE) at 7.9% remains below the global norm
  • Korean firms tend to hold onto repurchased shares, sometimes holding them treasury stock, delaying the realization of shareholder returns
  • The initial disclosure of Value-Up strategies by companies has been slow
  • Transparency around CEO compensation is still much more limited among KRX companies than it is in other top-tier markets