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The Boardroom Brief Friday, November 13, 2026 · Maverick · 3-minute read |
The Succession. |
Seoul set out how financial firms should pick a CEO, and plans a bill by year-end. |
Good morning. Seoul just told financial firms who may sit on the search for the next chief, and who may not. Quick ask: reply with who chairs your CEO or executive search committee, and whether the sitting chief is in the room. I read every reply. |
Today in 30 seconds | ▪ | Seoul: CEO search committees at financial firms would be independent directors only, with a bill planned by year-end. |
| ▪ | London: a consultation opens on the licence that will bind Great British Railways. |
| ▪ | Sydney: ASIC sues Commonwealth Bank over alleged undisclosed business-account fees. |
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The Move When a sitting chief can shape the search for the next one, the board's oversight is already late. Ask the nomination chair to report, within 30 days, who sits on the search committee, whether the CEO attends, and what vote a reappointment requires. Write the rule down before a regulator writes it for you. |
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01 · Regulation · South Korea Seoul moves to keep sitting CEOs out of the searchOn 12 November, Korea's Financial Services Commission, with the ruling party, announced measures for how financial companies pick a CEO. Search committees would be independent directors only, and sitting chiefs would be kept out of the search. For bank holding companies, a first CEO recommendation would need two-thirds of the committee; an incumbent, three-fourths. The FSC plans a year-end bill to revise the Act on Corporate Governance of Financial Companies. This is not yet law. Why it matters: The next chief may be chosen under a harder vote, with the sitting CEO kept out of the search. Ask who is in that room. Source: Financial Services Commission |
02 · Policy · United Kingdom Britain consults on the licence that will bind its railwayThe Department for Transport opened a consultation on 12 November on the proposed licence for Great British Railways, the public body that will run rail infrastructure and most passenger services. The licence would set obligations on information, passengers, stewardship and governance, independently monitored and enforced by the Office of Rail and Road. Comments close on 21 January 2027. This is a draft, not a licence already in force. Why it matters: If you sell to or depend on the British railway, the operator's obligations are now on the table. Comments close in January. Source: GOV.UK |
03 · Enforcement · Australia ASIC sues Commonwealth Bank over undisclosed business feesASIC has begun civil penalty proceedings against Commonwealth Bank of Australia. It alleges CommBiz terms failed to disclose all Direct Debit and Direct Credit fees, including an extra 'contra leg' fee on movements through the customer's own account. ASIC alleges about 42,000 customers were overcharged about A$8.5 million from November 2020 to 31 May 2025. CBA has paid more than A$26.4 million in remediation to about 93,000 customers. These are allegations, not findings. Why it matters: The fee in your terms has to be the fee your systems actually take. A supervisor can treat a gap as a basic failure, even after refunds start. Source: ASIC |
History rhymes 1992: Cadbury told British boards to split the top jobsOn 1 December 1992 the Cadbury Committee published its UK report on corporate governance. It recommended splitting the roles of chair and chief executive, and leaving board appointments to a mostly non-executive committee. Seoul is writing a harder version of that idea into a bill. |
Put these to management | 1. | Who sits on our CEO search committee, is the sitting chief in the room, and what vote does a reappointment require? |
| 2. | If a government operator we depend on is about to get a new licence, have we read the draft? |
| 3. | Do the fees in our terms match the fees our systems actually charge? |
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