Jinseongjun: "Commercial Act Amendment Bill Not Submitted to Plenary by Speaker... Supporting Ruling Party's Stubbornness"

Democratic Party Policy Coordination Meeting on the 27th
Jin Seongjun: "Respectfully Requesting Definite Submission"

Jin Seong-jun, the chairman of the Democratic Party's Policy Committee, stated, "It is said that the Speaker of the National Assembly has expressed the position of not submitting the amendment to the Commercial Act to the plenary session," adding, "I deeply regret this as it seems to side with the obstinacy of the People Power Party."

Park Chan-dae, floor leader of the Democratic Party of Korea, is speaking at the policy coordination meeting held at the National Assembly on the 27th. 2025.2.27 Photo by Kim Hyun-min

At the Democratic Party Policy Coordination Meeting held at the National Assembly in Yeouido on the 27th, Chairman Jin politely requested, "I respectfully ask the Speaker of the National Assembly to definitely submit and process the amendment to the Commercial Act at today's plenary session."

Chairman Jin criticized the ruling party, saying, "The People Power Party's perception of the amendment to the Commercial Act, which aims to strengthen shareholder protection and ensure corporate transparency, is truly deplorable."

He added, "In January last year, President Yoon Seok-yeol also pledged to responsibly protect the interests of minority shareholders and said he would promote the amendment to the Commercial Act," and "Acting Prime Minister Choi Sang-mok responded by announcing plans to gather opinions through public hearings with the Ministry of Justice and the Financial Services Commission on introducing directors' fiduciary duties under the Commercial Act."

Chairman Jin pointed out, "However, the People Power Party, which blindly trusts only the rebel leader Yoon Seok-yeol, keeps opposing this amendment to the Commercial Act," and criticized, "Emergency Response Committee Chairman Kwon Young-se called it a malicious bill that disrupts the foundation of the free market economy, and Floor Leader Kwon Seong-dong said that the moment the bill passes, companies will be exposed to unlimited lawsuits and management paralysis, proposing to exercise the veto power."

He continued, "It is absurd to witness the abuse of controlling shareholders while the party shamelessly discards the promises made to the people by its own number one party member as if they were worthless."

After the Policy Coordination Meeting, Yoon Jong-gun, the party's floor spokesperson, told reporters, "I don't know how long we have to watch major livelihood bills being delayed due to political logic." He added, "There was little disagreement within the party regarding the amendment to the Commercial Act, but its processing has been delayed. Both President Yoon Seok-yeol, Acting Prime Minister Choi Sang-mok, and former People Power Party leader Han Dong-hoon have expressed progressive positions on this matter," and "If it is not processed today, a heated debate is expected at the party caucus meeting."