From the perspective of path dependency and historical experiences, Anglo-American corporate governance practices are unlikely to be a model for Korea. Anglo-American corporate governance institutions on the basis of the practices, although recognized as global standards in Korea, are only specific results, which originated from the U.S. and U.K. historical experiences. The institutions reflect the specific ownership structure in the US and UK and the countries' socio-political situation in the past. This research argues, therefore, it is fundamentally wrong that the Korean government and policy makers understand the Anglo-American institutions as best practices and try to apply those institutions in Korea under the pretext of ‘reform’.