South Korea’s financial authorities and the National Assembly have yet to finalize a governance reform package aimed at curbing long tenures among financial holding company chairmen. Discussions have lost momentum ahead of next month’s parliamentary audit, making the timing of any announcement uncertain and raising doubts about completion within the year. The central dispute concerns how to restrict a chairman’s third consecutive term. Rather than an outright legal ban, officials are considering procedural safeguards such as unanimous approval by the Chairman Candidate Recommendation Committee, composed solely of outside directors, or a 75% approval threshold for reappointment. Some lawmakers consider those measures excessive, while financial authorities say weaker rules would not address long tenures, self-reappointment practices and board independence concerns.