From 2024, all financial firms and listed companies with paid-in capital over $340mn will be required to have at least one-third of their boards made up of independent directors.
The action plan seeks to promote green and sustainable financial markets, improve ESG disclosures, and establish a classification standard for the financial industry.
The top 1,000 listed entities by market cap can adopt the new format voluntarily for the financial year 2020-21. It will become mandatory from the financial year 2021-22.
The task force will establish a monitoring system for climate-related financial risks, lead efforts to boost investment in green industries, and promote ESG investing in Korea.
Disclosures requirements applicable to new issues are enhanced, director independence is strengthened, and transparency on loans linked to controlling shareholders is improved.
Taiwan’s FSC will direct OTC market operator Taipei Exchange to develop new guidelines for issuing social and sustainability bonds.
The NGFS membership will strengthen BSP’s collaboration with central banks and supervisors on the effective management of climate risks in the financial sector.
The XPCC is considered by OFAC to be a paramilitary organisation with large commercial operations that that are likely to be impacted by US sanctions.
The voluntary code allows central banks to measure transparency, which the IMF says is necessary to facilitate accountability and enhance public trust and support.
The guidelines set out the obligations of directors of listed companies and their subsidiaries, and requirements for the establishment of group-wide frameworks.
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