South Korea plans to tighten governance rules for financial institutions. According to Sina Finance, a joint statement from South Korean financial regulators said the measures would raise the threshold for bank holding company CEOs seeking reappointment and introduce independent directors across all financial institutions. The plan would make CEO nomination committees entirely independent and bar incumbent CEOs from improperly interfering in succession processes. Listed financial companies would also allow shareholders meeting a specified ownership threshold to recommend independent director candidates. The Financial Services Commission plans to complete preparations to amend the Financial Company Governance Act by year-end.