Lee Jae-myung: "The Cumulative Voting System Is President Moon's Pledge and the People's Command"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, emphasized that the 'cumulative voting system,' a campaign pledge of President Moon Jae-in, is currently missing from the National Assembly's government bill, and that the Democratic Party of Korea, which has been entrusted with sufficient vested rights by the people, should push it more responsibly and strongly.

The cumulative voting system is a system that, unlike the method of granting one voting right per share when a company appoints directors at a shareholders' meeting, grants voting rights to minority shareholders equivalent to the number of directors to be appointed. It is a system aimed at protecting minority shareholder rights and improving corporate governance. Although legislation has been pursued over time, it has repeatedly failed due to opposition from the business community and others.

On the 27th, Governor Lee stated on Facebook, "(The Democratic Party) has the justification and power to overcome the opposition from vested interests and the People Power Party (Gukminui Him)," and praised, "Democratic Party lawmaker Park Joo-min recently took the lead in defending President Moon's pledge by introducing a bill to gradually mandate the cumulative voting system."

He added, "The cumulative voting system is a campaign pledge of President Moon Jae-in and one of the 100 national tasks, and it was also a long-standing task for economic democratization and fair economy during past conservative administrations," and said, "I fully support Representative Park's amendment and applaud his conviction."

Regarding concerns from the business community about the cumulative voting system, Governor Lee dismissed them by saying, "If defense of management rights against external capital such as activist funds is necessary, alternatives can be sought," and "It is not a matter of simply opposing the cumulative voting system, which has been a long-standing task for economic democratization."

He also addressed the opposition party, the People Power Party, stating, "This amendment, including the cumulative voting system, is identical to the one proposed by Kim Jong-in, the emergency committee chairman of the People Power Party, in the 20th National Assembly," and argued, "The People Power Party, which advocates economic democratization as part of its platform, should not oppose the 'Fair Economy 3 Laws including the cumulative voting system,' but rather actively work to ensure its passage in the National Assembly."

Furthermore, he earnestly requested the Democratic Party of Korea, saying, "The people have entrusted our party with enormous authority, which is a mandate to overcome the resistance of vested interests and the obstinacy of the opposition party. Therefore, please show a clear justification and strength by including the cumulative voting system in the Fair Economy 3 Laws and boldly confront the resistance from vested interests and the conservative opposition."