South Korea is upping its required levels of transparency from executives. The Financial Investment Services and Capital Markets Act — revised in November 2013 — now makes it compulsory for about 2,000 companies to provide compensation information. Some of the richest executives are the heads of automakers and technology companies as South Korea is one of the largest hubs for technological advancements.
Bloomberg Businessweek reports that — as a result of the tightened rules around executive compensation information — Hyundai Motor Chairman Chung Mong Koo has revealed his compensation for the first time. He received 14 billion won (equivalent to USD$13 million) in total from the three Hyundai entities. Bloomberg quotes Heo Pil Seok, CEO at Midas International Asset Management Ltd., which manages close to $9 billion including Hyundai shares: