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S. Korea plans law to boost outside directors' surveillance
SEOUL, July 7 (Yonhap) -- South Korea plans to introduce a law to buttress outside directors' surveillance of financial companies in step with global efforts to bolster financial firms' soundness, the nation's financial watchdog said Wednesday.
Under the law to be written by the end of July, all types of financial firms will be required to fill more than half of their board of director seats with outside directors to enhance surveillance over excessive risk-taking by management, the Financial Services Commission (FSC) said in a statement.
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