Ruling Party "Democrats Attempt to Deal with Amendments to Commercial Law"Fears of corporate difficulty"

Kim Sang-hoon, chairman of the People's Power Policy Committee, expressed concern that the Democratic Party of Korea's attempt to pass the amendment to the Commercial Act, which expands the scope of directors' duty to be faithful to shareholders, could lead to corporate difficulties by speculative forces.

At a meeting of the emergency committee at the National Assembly, Kim said that the Democratic Party of Korea intends to use the chaotic political situation to pass the amendment to the commercial law as early as this month.

He then urged the government to stop the commercial law revision runaway train, saying that the push for amendments could incite instability and disorder in the economy and businesses while there are no measures to protect management rights such as new stock options or differential voting systems.