28 July 2027
The International Corporate Governance Network (ICGN) sent a letter of appreciation to the Financial Services Commission (FSC), congratulating it on the final Sustainability-related Disclosure Roadmap announced on 8 July 2026.
Led by investors responsible for assets under management of more than US$100 trillion, ICGN is an authority on global standards of corporate governance and investor stewardship. Headquartered in London, its membership is based in more than 40 countries and comprises asset owners, asset managers and advisers.
ICGN welcomed the decision to introduce sustainability disclosure through companies’ statutory annual business reports under the Financial Investment Services and Capital Markets Act, supported by legislative amendments to be pursued within 2026.
ICGN also welcomed the clear timeline for independent third-party assurance beginning in 2030; the broader initial scope, covering companies with consolidated assets of KRW 10 trillion or more from 2028 and KRW 5 trillion or more from 2029; balanced transitional liability relief; phased Scope 3 reporting supported by practical guidance and data infrastructure; and the explicit link drawn between corporate disclosure, investor stewardship and transition finance.
ICGN has engaged closely with the FSC throughout, submitting two letters earlier this year and meeting Commission officials in Seoul in April. The final Roadmap reflects a number of positions ICGN and its members had advocated, including statutory rather than exchange-level disclosure, a defined assurance timeline, and broader initial coverage.
Looking ahead, ICGN encouraged the FSC to build on the initial focus on climate-related information by extending the mandatory scope over time to all financially material sustainability related risks and opportunities. Doing so would strengthen consistency with international disclosure standards and give institutional investors the information they need to assess these risks and opportunities fully and reflect them in their responsible investment and stewardship activities.
Jen Sisson, CEO of ICGN, said: “The final Roadmap is an important step that will strengthen the international standing of Korea’s capital markets. We particularly welcome the statutory reporting framework, the clear assurance timetable and the phased implementation plan. ICGN will present this decision as an example of best practice to other markets reviewing their own disclosure regimes.”
The full text of the open Policy letter is available here.
