The TBR framework reads 2,662 companies across KOSPI and KOSDAQ and classifies 88% as Chameleon — a single-axis pattern in which board-side weakness is the dominant governance constraint. No other archetype reaches double digits. The pattern is structural, not cyclical, and the reform implications are specific.
Kill Switch validated against Huishan Dairy, Hanergy, and Evergrande. Connected-transaction concentration produces a third archetype shape distinct from Korea and Japan.
A Thailand-only NVDR mechanism separates voting from ownership across 190 firms. Eighteen family conglomerates cover 88.8% of market cap. The B-axis means 73 but predicts nothing.
The framework reads 106 SGX issuers and produces a bimodal signature: Celestial (42.5%) and Chameleon (44.3%) hold 86.8% of the universe between them. GLCs score 12.9 points above the production mean. Hyflux is the validation.
The PSE universe reads as a Chameleon-dominated market with family-conglomerate concentration. The Holdings sector posts an 83.9% D-rate. MERMAC sits at the apex of the architecturally most complete pyramid in the exchange.