48% of all large listed companies go through the board of directors for investments below the disclosure standards.

It was found that one out of two large conglomerates listed on the stock market undergoes strict review by the board of directors even for investments that fall below the disclosure standards.

While some groups required all of their affiliates to undergo review even for investments smaller than the standards, there were others that applied much looser standards than the exchange disclosure standards.

On the 11th, CEO Score, a corporate data research institute, investigated the board of directors' deliberation and resolution standards for investments in other corporations and disposition of investment shares of 212 KOSPI-listed companies belonging to large conglomerates, and found that 101 companies, or 47.6% of the total, required the board of directors to undergo deliberation and resolution for transactions smaller than the exchange disclosure standards.

The number of companies where the board of directors' investment deliberation and resolution standards are the same as the disclosure standards was 86, or 40.6% of the total.

There were 25 places (11.8%) where the board of directors standards were looser than the disclosure standards.

By group, the standards for board deliberation and resolution for 12 out of 15 listed companies in the SK Group were lower than the disclosure standards.

LG Group also had 10 out of 11 listed companies have their boards of directors decide on investments smaller than the disclosure standards.

There was also a group where the proportion of affiliates that applied stricter standards than the disclosure standards was 100%.

POSCO and Shinsegae had their boards of directors involved in all five affiliates investigated, and Hyundai Department Store and LX in all nine and four of them, respectively, even in transactions with investment amounts smaller than the disclosure standards.

Lotte, 8 out of 9 places surveyed, and HD Hyundai, 7 out of 8 places had stricter standards than the disclosure standards.

Among the top 10 Samsung groups, only two of the 11 companies surveyed, including Samsung C&T and Hotel Shilla, applied stricter standards than the disclosure standards.

Among the eight companies surveyed, Hanwha was only one, Hanwha Vision.

Samsung Heavy Industries and Innocean had the largest gap between exchange disclosure standards and overall board of directors standards.

The exchange disclosure standard applied to these companies is more than 2.5% of equity capital, but according to internal regulations, the overall board resolution standard was more than 10%, which is four times that amount.

This survey was conducted on 212 of the 295 KOSPI-listed affiliates belonging to corporate groups subject to disclosure as of the end of October 2026, excluding financial companies and REITs, for which board deliberation and resolution standards can be compared.

The exchange disclosure standard used for comparison is more than 5% of equity capital, and for large corporations with total assets of 2 trillion won or more, it is more than 2.5% of equity capital.