South Korea's new regulation to enforce stricter governance for companies, commitment to shareholders

South Korea's new regulation to enforce stricter governance for companies, commitment to shareholders

The ruling Democratic Party of Korea (DPK) and opposition parties passed a revision to the Commercial Act on Thursday, aimed at strengthening minority shareholder rights and curbing the influence of major shareholders. The amendment was approved with 220 votes in favor out of 272 lawmakers present during a plenary session of the National Assembly, a day after the main opposition People Power Party (PPP) shifted its stance and agreed on the passa…

South Korea’s Corporate Governance Reforms

South Korea’s National Assembly passed a landmark corporate governance reform bill on July 3, aiming to boost transparency in capital markets and enhance protections for minority shareholders. The bipartisan legislation, approved in a 220–29 vote with 23 abstentions, marks the first major policy collaboration under President Lee Jae-myung’s administration.The reform revives key elements of a bill previously vetoed by former President Yoon Suk-ye…