South Korea

A new revision to the Financial Investment Services and Capital Markets Act ("FSCMA") passed in early 2020 will be taking effect this October 21, 2021. This amendment includes a new provision, Article 165-20, which requires that the board of directors of a listed company with a total assets of KRW 2 trillion or more shall not be entirely comprised of individuals of one gender; in other words, diversity is required by law. The actual law is as follows. Article 165-20. Special provision regulating the gender composition of the board of directors. A publicly listed companies with total assets [for a company engaging in financial business or insurance business, it shall be the amount of total capital (amount calculated by subtracting total liabilities from total assets in the financial statements) or capital stock, whichever is the greater] of KRW 2 trillion or more at the end of the latest financial year, shall not fill the entirety of its board of directors with members of one gender.