The ‘Commercial Law Amendment Bill’ aimed at protecting the rights of non-major shareholders has passed the National Assembly in South Korea, led by the Democratic Party. The amendment expands the duty of loyalty of directors from the company to the company and its shareholders, and includes the obligation to hold electronic shareholders’ meetings to ensure voting rights. However, the People’s Power party is opposing the amendment and has requested Acting President Choi Sang-mok to veto it, while the Chairman of the Financial Supervisory Service, Lee Bok-hyun, has stated he would oppose the veto even at the risk of his job.
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Auto-posted at: 2025-03-13 21:01:29