South Korea’s Financial Services Commission (FSC) announced financial company governance reform measures on November 12, proposing to strengthen the independence of CEO Nomination Committees. The recommendation threshold for bank holding company CEO candidates will be raised from a simple majority of attending members to at least a two-thirds vote of all members; recommending the incumbent CEO for reappointment will require a three-quarters vote of all members. The plan also proposes that the CEO Nomination Committee be composed exclusively of outside directors and prevents the incumbent CEO from exerting undue influence on the succession process.