Korea's Fair Trade Commission said that it will complete its reforms of the country's large, family-run conglomerates within three to five years.
The head of the FTC Kim Sang-jo made the announcement on Thursday, at a meeting with the leaders of Korea's top ten business groups, including Samsung Electronics, Hyundai Motor and LG.
Kim said the FTC will decide the direction and pace of the reforms… after thoroughly discussing them with all sides.
At the meeting, Kim discussed ways to improve the outdated corporate governance structure and transaction measures.
He also asked for the conglomerates' thoughts on revising the Fair Trade Act.