Korea’s Stewardship Code amended for the first time since 2016

2026-07-27

On 27 July, the Stewardship Code Council announced the final amendment to Korea’s Stewardship Code, which it formally adopted on 24 July. This is the first revision since the Code was introduced in 2016. KCGS describes the main changes as wider asset class coverage, reflection of ESG and sustainability, a broader scope of stewardship activity, recognition of collaborative engagement, and codification of implementation review. The amended Code applies to signatories from 1 January 2027, and the 2026 implementation review will still be conducted against the pre-amendment Code. Several points from ACGA’s June submission are reflected in the final text. The preamble now refers to “financially material ESG factors”. The three-year review cycle has been retained and slightly tightened. Other recommendations were not taken up. ACGA had asked that disclosure of the extent of reliance on proxy advisers

be retained alongside disclosure of the review process, and the legal uncertainty around collaborative engagement, which sits outside the Code, remains unresolved. KCGS will now revise the guidelines and the implementation review standards. ACGA will put members’ views on how the guidelinesshould be developed to regulators and KCGS during the Korea Delegation in September