# Korea Corporate Value-Up Program South Korea's 2024-2026 reforms to close the [[Korea Discount]]. Fritzell calls them real, and good for deep value stock pickers.^[From [[Key Themes in Asia - Fritzell Oct 2026]], slide 40] | Date | Step | Cause it targets | |---|---|---| | Feb 2024 | FSC asks listed firms for value-up plans | Low payouts | | May 2024 | Korea Exchange posts plans on the KIND site | Disclosure | | Jan 2025 | Inheritance tax discount for top value-up firms | Inheritance tax | | Jul 2025 | Directors owe fiduciary duty to all shareholders | Related-party deals | | Dec 2025 | Lower dividend tax for payout ratios above 25% / 40% | Dividend tax | | Mar 2026 | Treasury shares must be cancelled from 2027 | Dilution, control | | May 2026 | Interactive Brokers opens direct Korean trading | Foreign access | | Jun 2026 | MSCI upgrade fails again on FX limits | Emerging-market status | ```mermaid flowchart LR A["2024<br/>Plans + disclosure"] --> B["2025<br/>Tax + director duty"] B --> C["2026<br/>Share cancellation<br/>+ foreign access"] C --> D{{"Open item<br/>MSCI upgrade<br/>FX rules"}} ``` - Three of the four causes now have a fix. Emerging-market status is still open. - Watch: payout ratios, treasury share cancellations, the next MSCI review. ---- tags: #boat #investing #macro links: [[Asia Macro MOC]] [[Korea Discount]] [[Investment Thesis Plays]]