• SK FSS provided guidance on the submission of the status of shares owned by controlling shareholders of large unlisted companies with financial year that ended December 2024.
• Follows SK FSS April 2024 reminded on ownership shareholding data submission.

Outline of Guidance

• The reporting duty applies to large unlisted companies with KRW 500bn+ in assets at the end of the previous fiscal year, or those with KRW 100bn+ in assets and required to submit business reports, or belonging to a corporate group subject to disclosure.
• The companies must submit share ownership data to determine whether they are subject to periodic designation within 14 days after the regular shareholders' meeting.
• Or may face executive dismissal recommendation, restrictions on securities issuance.
• Furthermore, where the large unlisted companies which have submitted ownership status data fall under the criteria for non-separation of ownership/management, they shall need to submit a basic data report for designation of auditors by 14 September 2025.
• Reporting obligation applies where the combined shareholding ratio of the controlling shareholder and related parties amounts to more than 50% of the total issued shares and the controlling shareholder or a shareholder with special interest is the CEO.