Commercial Act Amendment Withheld from Plenary Session to Allow Further Ruling-Opposition Negotiations
At Least the Supplementary Budget Must Be Passed at the National Policy Consultative Council
Speaker of the National Assembly Woo Won-sik postponed the plenary session vote on the amendment to the Commercial Act, calling for further consultations between the ruling and opposition parties. Speaker Woo stated that he is considering preparing a negotiation plan regarding contentious issues between the parties, such as the supplementary budget, pension reform, and the Semiconductor Special Act.
At a press briefing held at the National Assembly that day, Speaker Woo explained the positions on the contentious issues between the ruling and opposition parties. Regarding the amendment to the Commercial Act, which has passed the Legislation and Judiciary Committee and is eligible for submission to the plenary session, he explained that the submission was withheld for the time being, saying, "There are significant differences of opinion between the negotiating groups," and "As the Speaker, I thought it would be best to give them as much time as possible to negotiate and to gather opinions, so I did not submit it."
The amendment to the Commercial Act, which imposes fiduciary duties on companies toward shareholders, is a bill pushed by opposition parties such as the Democratic Party of Korea and has passed the relevant standing committee, currently awaiting submission to the plenary session. However, the public and companies have expressed opposition, fearing that if the amendment passes, management burdens will increase and lawsuits may proliferate.
Regarding the deadline for negotiations on the amendment to the Commercial Act, he said, "It is difficult to set a deadline in advance," and added, "We will decide by observing the progress of the consultations."
Regarding the handling of the supplementary budget, pension reform, and the Semiconductor Special Act, which are being discussed between the ruling and opposition parties mainly through the National Policy Consultative Council, he said that while seeking compromise between the parties, he is also considering mediation proposals by the Speaker if difficulties arise.
Regarding the negotiation status, Speaker Woo said, "There is a principle agreement on the supplementary budget, but two issues remain," and added, "First, it is best if the ruling and opposition parties sufficiently negotiate, reach an agreement, and settle the matter." He further stated, "At tomorrow’s National Policy Consultative Council meeting, we will prioritize reaching agreements where possible," and "If that fails, the suffering of the people is very severe and cannot be neglected, so as I mentioned at the previous National Policy Consultative Council, I believe the supplementary budget must be passed at the very least."
He said, "I hope the two parties will negotiate well, find a compromise by making concessions for the sake of the people’s livelihood, but if that does not work, I am seriously considering what kind of proposal the Speaker might put forward," and added, "I am also contemplating whether to link two issues together or handle only one."
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