In Feburaty 2004, the CFO of the SK Corporation had to prepare a proposal for corporate governance reform. Partly faced with the pressure from the Sovereign Asset Management who had been demanding a leadership change of the company, he had to draw strong support from the investors and the general public. Due to the mixed feelings about the chaebols and the strong nationalistic sentiment in Korea, the proxy fight between the SK Corporation and the Sovereign Asset Management had some political economic ingredient. This case intends to help the students understand the key issues of the corporate governance reform and identify the strategic challenges for the Korean firms ingeneral. Some higher-level issues in the corporate strategy and corporate finance can also be discussed following the guidelines of the enclosed teaching note.