The Commercial Law amendment bill, led by the Democratic Party to protect small shareholders, has passed the National Assembly in South Korea with 186 votes in favor, 91 against, and 3 abstentions. The bill expands the target of a director’s duty of loyalty from ‘the company’ to ‘the company and shareholders’, and mandates electronic general meetings of shareholders for listed companies. However, the ruling party and business community have opposed the bill, suggesting it could lead to excessive lawsuits and hamper corporate activities.
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Auto-posted at: 2025-03-13 21:04:41