Jin Seongjun: "Commercial Act Amendment to Be Processed at Today's Plenary Session"

Democratic Party Policy Coordination Meeting on March 13
Jin Seongjun: "A Starting Point for Resolving the Korea Discount"
Ruling Party: "Will Recommend Right to Request Reconsideration"
Opposition: "A Habitual Response"

Ahead of the first session of the March extraordinary session of the National Assembly, Jin Seongjun, chairman of the Policy Committee for the Democratic Party, stated, "We will process an amendment to the Commercial Act that expands the duty of loyalty for directors, improves corporate governance that is currently concentrated among major shareholders, and enhances the rights and interests of minority shareholders."

At the Democratic Party's Policy Coordination Meeting held at the National Assembly in Yeouido on March 13, Jin commented on the Commercial Act amendment, saying, "It appears to be the starting point for resolving the so-called 'Korea Discount,' a chronic issue in our securities market."

Previously, the amendment to the Commercial Act was scheduled to be introduced at a plenary session on February 27, but National Assembly Speaker Woo Wonshik postponed it, citing the need for bipartisan agreement.

With the possibility of the bill being introduced becoming a key topic of discussion that day, Noh Jongmyeon, the Democratic Party's floor spokesperson, said immediately after the meeting, "The bill is set to be submitted today, and the Democratic Party's determination to process it is clear."

Park Chandae, floor leader of the Democratic Party of Korea, and Jin Seongjun, chairman of the Policy Planning Committee, are attending the Policy Coordination Meeting held at the National Assembly on March 13, 2025. Photo by Kim Hyunmin

Regarding plans for a meeting between the floor leaders of the ruling and opposition parties, spokesperson Noh explained, "There are no scheduled plans at the moment, but the possibility has not been completely ruled out." He added, "However, considering that there is a scheduled visit to the Supreme Prosecutors' Office at 10:30 a.m. regarding the immediate appeal of President Yoon Suk Yeol's release, and factoring in the (afternoon) party caucus, it is questionable whether the floor leaders will have time to meet today."

In response to Kwon Youngse, chairman of the People Power Party's Emergency Response Committee, stating at an emergency meeting that he would recommend exercising the right to request reconsideration if the Commercial Act amendment is pushed through, spokesperson Noh criticized, "This is habitual," and added, "Even if you asked artificial intelligence (AI) to answer, it would respond the same way."

Meanwhile, during the meeting, chairman Jin addressed the supplementary budget, saying, "We cannot leave the situation where it continues to be delayed despite bipartisan agreement unaddressed." He continued, "As for the 1 percentage point difference in the pension income replacement rate, we can discuss that further, but I propose that the People Power Party immediately begin working-level consultations to implement the supplementary budget."