Problems with corporate governance in Korean Chaebols arose from the imbalance between the size of the economy, institutions, and the economic infrastructure, which took place in the course of compressed growth to catch up with the advanced countries. Korean Chaebols' corporate governance structure should gradually improve in the long run through enhancing the economic infrastructure and coordinating the interests of market participants. The speed of such improvement will be faster if the appropriate institutions and policies are introduced. The reform legislation (introduced in recent years) regarding corporate governance should be settled as soon as possible to improve Chaebol corporate governance structure. While the introduction of institutions is government's job, their functioning depends on the self-awareness and right consciousness of the interested parties. In my opinion, the policies regarding Chaebols are necessary until patterns of ownership and management in Chaebols reach global standards.We should, however, examine again the objectives of the policies and the appropriateness of policy devices.