September 3 Meeting Between Democratic Party and Six Major Economic Organizations
Six Economic Groups Strongly Urge Abolition of Breach of Trust Crime
"Include Us in Government Trade Union Act Task Force"... Ruling Party Responds, "We Will Make
The business community met with the Democratic Party of Korea and requested the abolition of the crime of breach of trust under the Criminal Act, the Commercial Act, and the Act on the Aggravated Punishment of Specific Economic Crimes (Special Economic Crimes Act).
Kim Byung-ki, floor leader of the Democratic Party of Korea, is talking with Sohn Kyung-shik, chairman of the Korea Employers Federation, during a meeting with representatives of six economic organizations at the National Assembly on September 3, 2025. Photo by Kim Hyun-min
At a closed-door meeting between Kim Byung-ki, floor leader of the Democratic Party, and representatives of six major economic organizations held at the National Assembly in Yeouido on September 3, the economic groups strongly requested the abolition of the breach of trust crime.
Heo Young, senior deputy floor leader for policy of the Democratic Party, told reporters after the meeting, "The six economic organizations requested the abolition or reduction of the breach of trust crime under the Criminal Act, the abolition of the breach of trust crime under the Commercial Act, the abolition of the breach of trust crime under the Special Economic Crimes Act, and the explicit codification of the business judgment rule in the Criminal Act."
The Democratic Party has launched a task force on the rationalization of economic criminal penalties and is discussing ways to ease excessive economic criminal penalties such as the breach of trust crime. In his public opening remarks, floor leader Kim Byung-ki mentioned the task force and stated, "We are seeking to address excessive economic criminal penalties, including the breach of trust crime."
Senior deputy floor leader Heo said, "Floor leader Kim stated that, since there are diverse opinions within the party regarding the codification of the business judgment rule and the abolition of the breach of trust crime itself, we will listen carefully to the opinions of the business community and prepare the best possible plan through the task force."
It was reported that there was no separate mention of the proposed amendment to the Commercial Act regarding the cancellation of treasury shares, which is being promoted by the party's special committee for the KOSPI 5000 Era.
The six economic organizations also reportedly made recommendations regarding follow-up measures to the Yellow Envelope Act (amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act). Senior deputy floor leader Heo said, "There was a suggestion that, since the Ministry of Employment and Labor is operating a task force to prepare detailed guidelines, representatives from the business community should participate so that their views can be reflected in the system." It is known that floor leader Kim responded that he would work to ensure this is reflected through a policy consultation meeting with the Ministry of Employment and Labor.
Meanwhile, the meeting was attended by Chairman Sohn Kyung-shik, as well as Lee In-ho, Vice Chairman of the Korea International Trade Association; Oh Ki-woong, Vice Chairman of the Korea Federation of SMEs; Lee Ho-joon, Vice Chairman of the Korea Federation of Middle Market Enterprises; and Kang Seok-gu, Director General of the Korea Chamber of Commerce and Industry.
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