Online press conference held on the 16th
Difficulty dealing with corporate value distortion and market disruption
Recommendations for legislative supplementation such as the 3rd Corporate Regulation Act
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KOSDAQ Association’s new chairman Jang Gyeong-ho said, “It should be resumed only for KOSDAQ companies with a certain size, such as the top 30 companies in market capitalization or stocks in the KRX300 index,” regarding short selling that will resume from May.
In a press conference held online on the 16th, Chairman Jang said, “Short selling has a net function, but it has side effects that can harm companies, such as the possibility of using unfair trade, so appropriate regulations are needed.” “It is difficult to properly cope with value distortion and malicious market disruption.” Short selling, which was banned in March last year, will partially resume for the KOSPI 200 and KOSDAQ 150 stocks from May 3rd.
In addition, he plans to support the securing of professional manpower by supporting the succession of the family business by reducing the inheritance and gift tax and improving the post management system to revitalize the KOSDAQ market, and deferring the taxation point of stock options to disposal. In addition, they argued that institutional investors should expand KOSDAQ investment by setting the proportion of KOSDAQ obligations in the pension fund management policy and developing financial investment products using KOSDAQ-related indices.
In the face of the 4th industrial revolution, it is also planning to create an environmental, social, and governance (ESG) model for the growth of KOSDAQ companies. Chairman Jang said, “Recently, ESG management emphasizing the transparency of the environment, social role, and governance is the hot topic,” and “We will create an ESG model for enhancing corporate value and sustainable growth of KOSDAQ companies.”
As various regulations such as the 3rd Corporate Regulation Act were newly established last year, which negatively affects the business environment of companies, they suggested supplementing the legislation for the Severe Accident Punishment Act, and opposing the introduction of a class action system and a punitive damage compensation system. He said, “We will suggest system improvement to resolve difficulties such as standard audit hours and internal accounting management system.” I will actively recommend it to the authorities,” he explained.
/ Reporter Park Si-jin [email protected]
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