Long-Awaited Wish of the Venture Industry, Dual-Class Share System to be Implemented on the 17th

Holding a Meeting Before System Implementation
Sharing Opinions on Issues Such as Investment, Youth, and Employment

The multiple voting rights stock system for venture companies will be officially implemented on the 17th. Multiple voting rights refer to a system where up to 10 voting rights are granted per share. It was introduced to support venture companies in attracting large-scale investments and growing without concerns about equity dilution.

The Ministry of SMEs and Startups (Minister Lee Young) announced that on the 13th, it held a meeting to discuss major issues such as investment, youth employment, and multiple voting rights with venture companies that attracted large-scale investments.

Im Jeong-uk, Head of Startup Venture Innovation Office (center), is taking a commemorative photo with participants after the "On-site Meeting on Multiple Voting Rights with Venture Companies" held on the 13th at EL Tower in Seocho-gu, Seoul.

At this meeting, participants shared difficulties encountered during the investment attraction process, experiences of facing management crises, and efforts to create jobs for youth. Various ideas to resolve the companies' challenges were also proposed.

There was also an opportunity to address companies' questions regarding the multiple voting rights system for venture companies. Since the amendment to the "Special Measures Act for Fostering Venture Companies" was passed in May, the Ministry of SMEs and Startups has undergone a preparation process including research projects and legislative notices over about six months to gather field opinions. Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, expressed a strong willingness to provide active on-site support, including directly advising companies wishing to utilize the multiple voting rights system on how to do so.

Director Lim said, "We were able to hear the voices from the field regarding venture companies' investment attraction and youth employment," adding, "I hope that the multiple voting rights system, which will be implemented this time, will be helpful when attracting large-scale investments."