As Korea implements its “value-up” program, its four major financial holding companies face critical strategic decisions. This study assesses the current status of these initiatives and proposes future tasks by benchmarking against Japan’s established program and consulting relevant academic research. Japan’s model, which emphasized governance reform and an “investor’s perspective” management style, provides key lessons. While extant literature confirms that board autonomy enhances long-term corporate value, it also notes limited short-term performance impacts. Therefore, this paper contends that Korean financial holding companies must move beyond governance-centric reforms, such as board diversity and independence. Effective value-up strategies require concrete plans that demonstrably link governance to tangible corporate performance and sustainable growth. The findings provide a strategic roadmap for financial holding companies and decision-relevant insights for investors.