A study shows that South Korea still ranks low in terms of regulations and practices concerning corporate governance structure.

According to the CG Watch 2020 report by the Asian Corporate Governance Association, South Korea ranked ninth out of 12 Asia-Pacific countries, including Australia, with a score of 52-point-nine percent.

CG Watch is a survey done every two years that looks at macro corporate governance quality in 12 markets in the Asia-Pacific region.

Korea came sixth in 2007 but fell to ninth in 2010 and has been ranking eighth or ninth since. This year, only China, the Philippines and Indonesia scored lower. The highest ranking countries are Australia, Hong Kong, Singapore and Taiwan, in that order.

South Korea especially scored low in the three categories of corporate governance rules, listed companies, and civil society and media.

The report also noted positive areas, saying that investor stewardship continued to develop in Korea and the country made progress in public governance and the fight against corruption, but new scandals question the depth of change.