Federated Hermes' Head of Asia ex-Japan Equity, Jonathan Pines, delivered a keynote at the Korea Corporate Governance Forum in May 2026, assessing progress on regulatory reforms aimed at closing the "Korea discount." The piece acknowledges meaningful regulatory advances but argues that concentrated family control continues to disadvantage minority shareholders, and recommends additional measures including advisory shareholder votes on Value Up statements and enhanced disclosure requirements for holding companies, cash-rich firms, and those with non-voting stock.