기업지배구조보고서 정정공시에 대한 연구 = A Study on the Corrective Disclosure of Corporate Governance Report in Korea

다국어 초록 (Multilingual Abstract)

[Purpose] The Korea Exchange has been announcing the results of analysis of disclosures of corporate governance reports since 2020, and is requesting corrective disclosures in cases where the disclosures are insufficient. A corrective disclosure refers to the process of correcting data that was initially disclosed inappropriately in order to correct errors due to work errors or numerical errors. Therefore, this study is intended to examine the present situation of corrective disclosures of corporate governance reports to see whether they are being carried out in accordance with the relevant authorities’ intentions (enhancing disclosure fidelity) and discuss related problems and improvement measures.
[Methodology] A total of 1,165 samples of governance reports published in the listing disclosure system from February 2019 to May 2023 were used, and the relevant data were collected manually.
[Findings] First, looking at the present situation of corrective disclosures, it was found that 146 corrective disclosures of corporate governance reports were published during the analysis period, comprising those published by 20 companies in 2021, 38 companies in 2022, and 49 companies in 2023. Rather than the form of corrective disclosures with the title [Corrected] corporate governance report for the purpose of distinguishing them from the initial disclosures, the ratio of the form of corrective disclosures that corrected errors in the attached documents of the initial reports was shown to be relatively high, and it is judged that a solution to this problem is urgently necessary. Second, looking at the reasons for correction and correction items, the ratio of corrections to attachments (statements) and corrections to attached data was found to be relatively high among the reasons for correction, and the ratio of CoE correction (82 cases/146 cases) was found to be high among the correction items. In addition, it was found that there were cases that the reason for correction was stated as attached corrections, but there was no entry in the correction items or the exact content of the correction of errors cannot be known. Third, looking at the key indicators related to the correction of the CoE of the governance reports, key indicators No. 1 (announcement of the convening of the general shareholders’ meeting 4 weeks before the general shareholders’ meeting), No. 6 (preparation and operation of internal control policy), and No. 14 (internal audit organization holds meetings with external auditors without management attendance at least once per quarter) appeared relatively frequently.
[Policy Implications] This study is the results of the first domestic study on the present situation related to corrective disclosures of corporate governance reports, and the relevant authorities will be able to refer to the results of this study to utilize them in future policies. In particular, companies should avoid making repeated disclosure errors, and information users should keep this in mind when utilizing relevant information.

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