The Democratic Party's candidates for the presidential primary Moon Jae-in (L) and Ahn Hee-jung pose with their elective symbol numbers at an event to declare their fair contest in the party's presidential primary in Seoul, South Korea, March 14, 2017. REUTERS/Kim Kyung-Hoon
SEOUL (Reuters) - South Korea’s family-run conglomerates are facing calls for a shakeup in their governance from a leading candidate in May's presidential election, following the ouster of former President Park Geun-hye in a burgeoning influence-peddling scandal. The conglomerates known as chaebol have come under the reform buzz saw before, only to emerge bigger and stronger than ever. The country’s four biggest chaebol groups account for around half the stock market's value, according to the Korea Stock Exchange.
The question after the May 9 election is how deep will the reform drive go this time? And would a new president tackle what critics say is at the heart of chaebol corporate governance conundrum - the spiderweb of cross-shareholdings among group companies held by their founding families?
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