Opposition Plans to Pass Key Bills at Plenary Session on the 27th After Full Legislation and Judiciary Committee Review
On the 24th, the National Assembly's Legislation and Judiciary Committee held the 1st Subcommittee on Bill Review to examine the amendment to the Commercial Act that expands the duty of loyalty of directors to include shareholders. They also discussed the "Act on the Appointment of a Special Prosecutor for the Investigation of Illegal Election Interference and State Manipulation Related to Myung Tae-gyun" (Myung Tae-gyun Special Prosecutor Act).
Park Beom-gye, the subcommittee chairman, is speaking at the Legislative and Judiciary Committee's Bill Review Subcommittee 1 held at the National Assembly. Photo by Yonhap News.
According to political circles on the 23rd, the Democratic Party of Korea aims to pass the provisions related to the duty of loyalty of directors and electronic general shareholders' meetings in the amendment to the Commercial Act.
The bill, which the Democratic Party is promoting as its party stance, broadens the scope of the duty of loyalty from the existing "company" to "company and shareholders," and includes provisions mandating the introduction of electronic general shareholders' meetings for listed companies. The People Power Party argues that the opposition's amendment to the Commercial Act could be exploited by foreign speculative capital as a means to attack management rights and insists that an amendment to the Capital Market Act allowing for "targeted regulation" must be passed.
Additionally, the subcommittee plans to discuss the Myung Tae-gyun Special Prosecutor Act. The special prosecutor act includes allegations that "political broker" Myung Tae-gyun and President Yoon Seok-youl and his spouse were involved in illegal and false opinion polls used during the 20th presidential election and primary process. The subcommittee initially scheduled to review the special prosecutor act on the 17th but postponed the decision once due to opposition from the ruling party.
The opposition party plans to process the amendment to the Commercial Act, the Myung Tae-gyun Special Prosecutor Act, and the "Permanent Special Prosecutor Request on Suspicions of External Pressure on Drug Investigations" at the plenary session on the 27th after going through the full Legislation and Judiciary Committee meeting.
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