The FSC and the FSS held the 6th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on April 20, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants discussed ways to improve the bonus remuneration system of banks under the Act on Corporate Governance of Financial Companies. More specifically, participants discussed (a) promoting incorporation of longer term based performance pays instead of short-term bonuses, (b) introducing a say-on-pay vote to ensure that shareholders have a degree of control on the issue of executive pay, and (c) requiring a disclosure of pay for non-registered executive officers in charge of company management. The 7th working group meeting is expected to be held on April 26 in which authorities will discuss ways to improve the interest rate calculation system.