Yeogyeonghyeop Recommends Female CEO Candidates as Outside Directors for Companies... "Utilizing Talent Pool"

[Asia Economy Reporter Kim Bo-kyung] The Korea Women Entrepreneurs Association announced on the 29th that it will recommend verified female chief executive officers (CEOs) as outside director candidates for companies and institutions.

Recently, due to amendments to the Capital Market Act, companies such as POSCO, LG, and Hanwha Group are increasingly appointing female CEOs as outside directors. From August next year, the boards of listed corporations with assets exceeding 2 trillion won are prohibited from being composed of only one gender, effectively mandating at least one female director.

The Women Entrepreneurs Association believes that even if companies want to appoint female CEOs as outside directors, it will not be easy to find outside directors with expertise in corporate management and communication skills within a limited pool of candidates.

Accordingly, the association plans to actively utilize the pool of female CEOs it has accumulated over the past 22 years. When companies request outside director recommendations from the association, a recommendation committee will carefully select and recommend suitable candidates.

In preparation for the increasing demand for female outside directors, the association plans to organize data by sector and region for prompt response.

In Korea, there are approximately 2.66 million women-owned businesses (40% of all enterprises), of which 52,380 companies have been certified as women-owned businesses by the Ministry of SMEs and Startups and are actively operating.

Jung Yoon-sook, president of the Women Entrepreneurs Association, stated, "If private companies or public institutions select female CEOs who fully understand and can communicate with companies as outside directors, it will help expand diversity such as creative organizational culture and improve management performance."

She also said, "Like Europe and the United States, where appointing female directors is mandatory, this is expected to serve as a catalyst for increasing female executives within companies and breaking the glass ceiling for women."

If companies or institutions wish to have female CEOs recommended as outside director candidates, they can apply to the Korea Women Entrepreneurs Association headquarters or its nationwide branches.

This content was produced with the assistance of AI translation services.