Opposition Stalls Reform as President Lee Urges Faster Passage of Treasury Share Cancellation Law

Statement on the Third Amendment to the Commercial Act
"Doing a Good Job" in Reference to the Ruling Party
Luncheon with the Democratic Party’s Supreme Advisory Council
Hearing Advice on State Administration and Cooperation

On the 25th, President Lee Jaemyung stated, "I hope the legislation on the cancellation of treasury shares will be passed as soon as possible," adding, "There is a mountain of work to be done, including a law to prevent stock price suppression." His remarks were aimed at the fact that the third amendment to the Commercial Act, which includes a provision making the cancellation of treasury shares mandatory, has been blocked by a filibuster (a lawful obstruction of parliamentary proceedings through unlimited debate) mounted by the People Power Party. In addition, to hear advice on future state administration and ways to cooperate with the National Assembly, President Lee will host a luncheon at the Blue House, inviting the Supreme Advisory Council of the Democratic Party of Korea for the first time since his return to the presidential office.

Yonhap News Agency

On this day, President Lee wrote these comments on X (formerly Twitter), as he shared an article arguing that the Democratic Party’s actions are overshadowing the government’s achievements. President Lee said, "Most companies accept this reform legislation, and both the public and shareholders welcome it, so although they may have their own reasons, it is not easy to understand why they are mounting such an extreme all-night opposition," adding, "The days are short, and the road ahead is long."

The amendment to the Commercial Act is expected to immediately proceed to a plenary vote once the filibuster is ended by the Democratic Party of Korea and others at around 4 p.m. today. The Democratic Party submitted a motion to end the filibuster on the afternoon of the previous day. Under the National Assembly Act, after 24 hours of filibuster, debate can be terminated with the approval of at least three-fifths of all sitting lawmakers.

Regarding claims in some quarters that the ruling party is failing to support the Blue House, President Lee countered, saying, "Such excessive concern is what we call groundless worry." This is seen as a remark conscious of arguments raised in some circles that the Blue House and the Democratic Party of Korea are out of sync. President Lee explained, "The party should do the party’s work, and the presidential office should do the presidential office’s work well," adding, "There has never been a time when the president was pushed to the sidelines, nor have I ever felt that way." He went on to say, "Despite various obstacles such as the opposition party’s extreme struggle, the Democratic Party is doing its utmost to carry out the tasks entrusted by the people," and defended the party by adding, "There is absolutely no lack when it comes to reform legislation or support for the government." He further stressed, "As I always emphasize, what matters more than formality or ceremony are the achievements and performance that the public can feel. The ruling party doing its job well is the best possible support for the government."

Earlier, President Lee had also highlighted that the special act on establishing an integrated special city for South Chungcheong Province and Daejeon had been placed on the agenda of the National Assembly’s Legislation and Judiciary Committee the previous day, but its handling was put on hold due to opposition from the opposition party. He stated, "We cannot unilaterally push ahead with the integration of a metropolitan administrative district with a thousand-year history without sufficient consensus." Sharing a media article claiming that "the Blue House is feeling disappointed with the Democratic Party’s actions amid the failure of the Daejeon-South Chungcheong integration," he remarked, "The government’s position was that we should not overreach by pushing ahead in the face of opposition from the opposition party and the city and provincial councils. I hope there will be no misunderstanding."

Yonhap News Agency

Meanwhile, on this day, President Lee will host a luncheon at the Blue House, inviting the Democratic Party’s Supreme Advisory Council for the first time since his return to the presidential office. It has been about six months since President Lee last met with the advisory council on August 21 last year. The luncheon meeting will be attended by Democratic Party Supreme Advisors Kwon Nokap and Lee Yongdeuk; former National Assembly Speakers Kim Wanki, Lim Chaejung, Chung Sye-kyun, Moon Heesang, Park Byeongseug, and Kim Jinpyo; and Unification Minister Chung Dongyoung. Last year, the late former Prime Minister Lee Haechan, who passed away in January this year, had also attended. A Blue House official explained, "Although no specific topic has been set, it will be an occasion to listen carefully to the advice of the Supreme Advisory Council," adding, "A wide-ranging discussion could take place on the future direction of state affairs and ways to cooperate with the National Assembly."