[Small but Strong Pharma Review] ④ Samil Pharmaceutical's first governance report card... independence of the board remains an issue

Samil Pharmaceutical’s first corporate governance report showed a core indicator compliance rate of 33.3%, below the KOSPI average and exchange guidance.

Key gaps included Chairman Heo Seung-bum’s dual role as board chair, a board lacking a majority of outside directors, no independent internal audit unit, and no CEO succession policy.

On shareholder rights, the company newly adopted a notice period of four weeks before the shareholders’ meeting.

The case highlights how governance quality affects accountability and long-term trust, making board independence and oversight a priority.