Growth and corporate governance

Board complement: A pedestrian walking past an electronic stock indicator showing share prices on the Tokyo Stock Exchange in Tokyo. Nearly 90 of companies listed on the stock exchange had independent non-executive directors by 2015. — AFP

The importance of the role of independent directors

LAST year, I wrote that for South Korea to become more innovative and competitive, it needs to effectively implement corporate governance laws and regulations that are transparent and disclosure based, rather than merely merit based (which relies too much on the value judgements of bureaucrats).