FSS: Large Unlisted Corporations Must Submit Share Ownership Status Within 14 Days of General Meeting
[Asia Economy Reporter Ji Yeon-jin] As of the end of last year, large unlisted corporations with total assets of 100 billion KRW or more must submit the 'Status of Shares Owned by Controlling Shareholders, etc.' to the Securities and Futures Commission within 14 days after the conclusion of the regular general meeting.
The Financial Supervisory Service announced that from this year, a system for designating auditors for large unlisted joint-stock companies where ownership and management are not separated will be fully implemented.
The designation of auditors for large unlisted joint-stock companies was introduced in 2019 due to concerns about accounting fraud in unlisted corporations where ownership and management are not separated. This system targets companies where the controlling shareholder and related parties hold 50% or more of shares, and the controlling shareholder or a related party is the CEO, allowing financial authorities to designate auditors.
However, if the contract period with the existing auditor remains, the system will be implemented from 2022, and based on the ownership status submitted this time, notification of auditor designation will be made in September this year. Last year, a total of 28 large unlisted joint-stock companies with non-separated ownership and management were subject to periodic auditor designation.
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The Financial Supervisory Service stated, "If the status of share ownership is not submitted, the Securities and Futures Commission may take measures such as restricting securities issuance and recommending dismissal or removal of executives." They urged that large unlisted joint-stock companies that have submitted the share ownership status and meet the criteria for non-separated ownership and management are obligated to submit the basic data report for auditor designation, so care must be taken not to omit it.
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