Tag: Commercial Act

Commercial Act

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Filibuster fails to foil Commercial Act revision, passes Assembly

The National Assembly passed a bill mandating comapanies to cancel holdings of their own shares on Wednesday, as the Democratic Party (DP) pushed through a third revision to the Commercial Act.

2026.2.25

People Power Party Rep. Yoon Han-hong, at the podium, delivers a filibuster at the National Assembly after a revision to the Commercial Act to mandate the retirement of treasury shares was tabled at the plenary session of the National Assembly on Feb. 24. [YONHAP]

Mandatory treasury share retirement: A remedy to the 'Korea discount' or a poison pill for corporate defense?

As a hotly contested bill requiring companies to cancel holdings of their own shares marches toward passage in the National Assembly, business owners are on edge over the potential loss of a key defense against hostile takeovers.

2026.2.25

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Rep. Yoon Han-hong of the People Power Party begins a filibuster on the third revision to the Commercial Act after the bill reaches the floor of the National Assembly in Yeouido, western Seoul, on Feb. 24. [YONHAP]

DP brings bill on mandatory treasury share cancellation to floor, triggering PPP filibuster

The Democratic Party on Tuesday introduced an additional amendment to the Commercial Act aimed at requiring the cancellation of treasury shares, prompting the main opposition People Power Party to launch a filibuster in protest.

2026.2.24

A revision to the Commercial Act passes in the main hall of the National Assembly in Yeouido, western Seoul, on Aug. 25. [YONHAP]

DP railroads Commercial Act revision on corporate reform through parliament

The National Assembly passed another revision to the Commercial Act aimed at better protecting minority shareholders after the conservative People Power Party's filibuster came to an end.

2025.8.25

President Lee Jae Myung presides over a Cabinet meeting at the presidential office in Seoul on July 15. [YONHAP]

Cabinet approves Commercial Act revision expanding board members' fiduciary duty to shareholders

The Cabinet on Tuesday approved amendments to the Commercial Act that expand the fiduciary duties of corporate board members to all shareholders, in a move that many analysts say will help improve standards on corporate governance.

2025.7.15

Lawmakers vote on key bills that were previously vetoed under the acting president system at the National Assembly in Yeoudio, western Seoul, on April 17. [NEWS1]

Assembly fails to override acting presidents' vetoes on three opposition-backed bills

Three key opposition-backed bills vetoed under the acting president system were rejected in re-votes in the National Assembly on Thursday, following the impeachment of former President Yoon Suk Yeol.

2025.4.17

An amendment to the Commercial Act was passed at the National Assembly in Yeouido, western Seoul, on March 13. [NEWS1]

DP passes bill mandating shareholder protections, PPP urges veto

The National Assembly passed a contentious bill expanding corporate board members' duties to protect shareholders, facing strong opposition from businesses concerned about economic impact.

2025.3.13

A parliamentary subcommittee under the Legislation and Judiciary Committee convenes a meeting at the National Assembly in western Seoul on Feb. 24. [NEWS1]

Biz lobbies, PPP rebuke DP's corporate 'good faith law' push

Business lobbies in Korea took a firm stance against an amendment to the Commerical Act rammed through a parliamentary subcommittee by the liberal Democratic Party that would expand "good faith" obligations for corporate board directors.

2025.2.25

Financial Supervisory Service (FSS) Gov. Lee Bok-hyun speaks to the press at the Korea Federation of Banks building in central Seoul on Thursday. [YONHAP]

FSS chief pushes back against DP with call for Capital Markets Act revision

Financial Supervisory Service Gov. Lee Bok-hyun has called for a revision to the Capital Markets Act to protect retail shareholders instead of revamping the Commercial Act as desired by the liberal Democratic Party.

2024.11.28

Revising the Commercial Act for what and whom

But these mechanisms should be installed in the Capital Markets Act instead of the Commercial Act.

2024.11.24