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Prof. Jang, Chief of Participatory Economy Committee (PEC) at People's Solidarity for Participatory Democracy (PSPD), was given on 11 July 2001 the first annual award from International Corporate Governance Network (ICGN) for Minority Shareholder Campaign in Korea. "I am pleased that PSPD's movement for corporate reform was recognized at an international level with this award," said Prof. Jang on the 7th ICGN Annual Conference in Tokyo.

The ICGN, formed in 1995, represents institutional investors with more than US$6 trillion in assets and others involved in the development of global corporate governance practices. Its objective is to facilitate international dialogue to strengthen the accountability of companies to owners so as to enhance shareholder value. Through this process, the ICGN insists, companies can compete more effectively and economies can best prosper. The ICGN is headed by annually-elected Co-Chairmen and a Board of Governors. The secretariat is located at the Institute of Company Secretaries and Administrators in London. ICGN representatives helped draft corporate governance principles adopted by the Organization for Economic Co-operation and Development. Previous conferences and annual meetings have taken place in Washington, London, Paris, San Francisco, and Frankfurt.

PEC, one of the action bodies of PSPD, has been concentrating on corporate reform since 1997 pursuing minority shareholders' rights and transparent corporate governance. PEC initiated their movement as the Korea First Bank loaded the damages on its minority shareholders as they reached to bankruptcy due to unreasonable management. The Committee has expanded the movement to major Chaebol companies such as Samsung Electronics, Hyundai Heavy Industry, SK Telecom, LG Semiconductor, Daewoo Auto, etc.

By Sinn Kim dukesinn@hotmail.com