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1、CodeofBestPracticeforCorporateGovernanceSeptember1999CommitteeonCorporateGovernanceFOREWORDCorporationsplayacriticalrole---nowevergrowing---inthenationaleconomy.Anation’scompetitivenessandwealth,forthatreason,dependonthecompetitivenatureofitscorporatio
2、ns.Nodoubtatransparentandreasonablegovernancestructurebearspositiveimpactonacompany.Moreover,theissueofcorporategovernancestructurenowcommandsattentionontheglobalstage.TheCommitteeonCorporateGovernancewasfoundedasanon-governmentbodyinMarch1999todevelop
3、acodeofbestpractices,asourcetoguidecorporationsinestablishingpropercorporategovernancestructure.TheCommitteewascomposedoffourteenmembersfromthefieldsofbusiness,finance,accounting,lawandacademia,alongwithanAdvisoryGroupofthirteenlaw,securities,andfinanc
4、ialspecialists.ThedraftwasinitiallydrawnbythreesubcommitteesoftheAdvisoryGroup,andrevisedthroughmeetingsbasedonopinionspresentedbyeachcommitteemember.Duringitspreparation,theCommitteehadeightmeetingsandtheadvisory,ten.ThedraftwascirculatedonAugust27thv
5、iatheinternetandmassmedia,andopinionsthencollectedthroughapublichearingonSeptember8th.Thefinaldraft,reflectingsuchinput,reachedcompletiononSeptember22ndthroughageneralmeetingoftheCommitteeandAdvisoryGroup.TheCommittee,byendeavoringtoinformallrelatedpar
6、tiesoftheCodeofBestPractice,hasbeenabletogatherawiderangeofopinionsfromindividualsandinstitutionsintherelatedareas.Withappreciationforallconcernsandinterestexpressed,everyefforthasbeenmadetoaccommodatesuchopinionsintheCode.ItisthehighexpectationoftheCo
7、mmitteethatthisCodeguidecorporationstowardimprovedgovernancestructureandserveasamodelofpropercorporategovernancestructure.TheCommittee,therefore,hasendeavoredtoincludecircumstantialcontentsintheCodebyfocusingonthepracticaluse.Atthesametime,theCommittee
8、hasfullyattemptedtotakeintoconsiderationtheuniquemanagerialcircumstancesfacedbyKoreancorporations,andalsotoincludeintheCodetheprinciplesandstandardsthataretheinternationallygoverningpracticesforcorporations.TheCommitteerespectsthedemand
