Meeting with Heads of Research Centers from Domestic and International Securities Firms
Listening to Policy Ideas for Revitalizing the Stock Market
Meeting with Harvard Professor Michael Sandel
Expected to Receive Advice on Rapidly Changing
President Lee Jaemyung, who has pledged to usher in the "KOSPI 5000 era," will meet with heads of research centers from securities firms to discuss current economic and financial issues in Korea and to hear policy improvement ideas aimed at revitalizing the capital market. He will also meet with Michael Sandel, the Harvard University professor and author of the globally acclaimed book "Justice: What's the Right Thing to Do?", to seek advice on the rapidly changing global order.
According to the presidential office on September 18, President Lee will host a luncheon meeting at the Yongsan presidential office with heads of research centers from 16 domestic and international securities firms under the theme "Normalization of the Capital Market: The Beginning of a New Leap Forward." President Lee has previously set "KOSPI 5000" as a national policy goal and has stated his intention to redirect funds concentrated in real estate toward the stock market. In particular, he has emphasized the need to boost investor confidence in the capital market, passing the first amendment to the Commercial Act that expands the fiduciary duty of directors to all shareholders, and the second amendment that mandates cumulative voting, while also signaling stricter penalties for stock price manipulation. The third amendment to the Commercial Act, which includes the mandatory retirement of treasury shares, is expected to pass the National Assembly in September.
At his 100th day in office press conference, President Lee also stated, "Some say that amending the Commercial Act is a way to tighten the grip on companies, but it is not about constraining companies; it is about putting pressure on unscrupulous corporations, management, and certain controlling shareholders. We must amend the Commercial Act to normalize the management environment so that stock prices are properly valued. For example, we need to prevent manipulative practices such as physical spin-offs in order to normalize stock prices."
Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is having a virtual discussion with Harvard professor Michael Sandel on the theme "In the Era of Great Transformation, How Will Korea Soar on the Wings of Justice?" at the Jeongdong 1928 Art Center in Jung-gu, Seoul, on the 21st. Photo by National Assembly Press Photographers Group
Immediately after the luncheon with the heads of research centers, President Lee will meet with Professor Michael Sandel. Given Professor Sandel's focus on public discourse around justice, equity, fairness, and values, the meeting is expected to provide an opportunity to hear his advice on the rapidly changing international landscape, particularly with the United States moving toward isolationism, as well as on the domestic political situation following the launch of the Lee administration. President Lee had also held a virtual discussion on the theme of "justice" with Professor Sandel in December 2021 as a presidential candidate, sharing his views on meritocracy, unfairness, and consideration for vulnerable groups.
Later, at 2 p.m., President Lee will present appointment letters to two new youth affairs officers at the presidential office and preside over a senior aides' meeting. The meeting will focus on youth issues such as entrepreneurship, employment, and welfare, in anticipation of Youth Day on September 20.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
