[Breaking] Commercial Act Amendment Including '3% Rule' Passes National Assembly Plenary Session

On July 3, the National Assembly held a plenary session and passed the amendment to the Commercial Act. The bill includes the following provisions: explicitly stipulating the duty of loyalty of directors to shareholders; introducing electronic general meetings of shareholders; and limiting the combined voting rights of major shareholders and their specially related parties to 3% when electing independent audit committee members (the 3% rule).