After global financial downturn, the U.S. administration proposed a financial regulatory reform. And the U.S. Senate and the House of Representatives passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The UK government tries to review corporate governance in UK banks in the light of the experience of critical loss and failure throughout the banking system. The other advanced countries are in the same situation. The Korean government amended the system concerning the outside director after the global economic crisis. And it tries to enact the consolidated law related to the corporate governance in the financial institutions. It tries to regulate the role of board of director, independence of outside director, enforcing the monitoring role of audit committee, introducing de facto officer etc. of financial institutions in Corporate Governance of Financial Institution Act. It is necessary to enforce the roles of board of directors in some points. But it is a important issue to consider the particularities among the bank, investment company, insurance firm and etc. It cannot be taken for granted that a model is better than any other; it depends very much on the particular circumstances of the country concerned. It is not necessary to enact the Corporate Governance of Financial Institution Act in Korea.