Shareholder voting rights, private equity fund limit
Proposed Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)
● The bill would broaden the scope of directors' duty of loyalty to include shareholders as well as the company, and limit the largest shareholder's voting rights to three percent when appointing audit committee members.
Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act
Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)
● The bill would reduce the borrowing limit for private equity funds from 400 percent to 200 percent of their net asset value. It would also require them to report to the Financial Services Commission any conflict of interest and measures for its control in asset transactions through SPCs or related-party deals.
Pending Bill: Partial Amendment to the Distribution Industry Development Act
Proposed by Rep. Oh Sae-hee (Democratic Party of Korea)
● This bill would mandate the head of a local government to designate compulsory closedown dates and impose business hour restrictions on superstores, while requiring that the closedown dates be selected from public holidays.
Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments
Competent Authority: Ministry of Land, Infrastructure and Transport
● Effective June 4, the amended law has significantly eased the standards and requirements for reconstruction safety inspections. It exempts apartment buildings over 30 years old from mandatory safety inspections required for reconstruction projects.
Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Saving and Recycling of Resources
Competent Authority: Ministry of Environment
● The draft amendment would expand the scope of products subject to mandatory recovery and recycling to include plastic toys, which must meet a recycling rate annually determined by the Ministry of Environment.
For queries about the bills, contact cr@draju.com.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
40 minutes ago
- Korea Herald
Families of abductees halt anti-North Korea leaflet campaign
A South Korean civic group representing families of abductees held in North Korea officially announced Tuesday that it would halt its distribution of anti-Pyongyang leaflets across the border. 'We were moved after receiving direct phone calls from Unification Minister candidate Chung Dong-yong, Vice Unification Minister Kim Nam-jung and Rep. Yoon Hu-duk (of the Democratic Party of Korea),' said Choi Sung-ryong, head of the Association of the Families of Those Abducted by North Korea. 'We promise to the people that we will halt our distribution of leaflets containing information about our abducted family members.' The remarks were made at a press conference held at Imjingak, in Paju, near the demilitarized zone dividing the two Koreas. The Lee Jae Myung administration had ramped up measures to stop the launches of anti-Pyongyang leaflets, detailing information about South Koreans abducted by the North after the 1950-53 Korean War, calling the act 'illegal.' The leaflets included messages that criticized the North Korean regime, such as 'If only Kim Jong-un disappears, our abductees will return.' Choi expressed hopes that the group's decision would cater to President Lee's efforts to 'hold a summit and revive dialogue' with Pyongyang, so that the families divided by war could be reunited soon. 'We hope that the families divided by war, (families) of war prisoners and those abducted by the North could meet (at the border city) of Kaesong, even if (the meeting) is held behind closed doors,' Choi said. 'We hope the Lee Jae Myung administration could resolve our suffering by allowing us to smoothly communicate with our family members (abducted by the North).' The civic group, which began launching the leaflets across the border in 2008, had halted the campaign for over a decade in 2013, heeding to the request of the then-Park Geun-hye administration. However, it had relaunched the campaign in October last year and has since dispersed leaflets multiple times, despite calls from the Unification Ministry for them to stop. The group attempted to officially launch the leaflets through an open event in October last year and April this year, but was stopped by police and border area residents. Instead, they unofficially sent the leaflets without government authorization in April, May and June this year. Despite the government's long-standing efforts to halt the leaflet campaign, South Korean courts have sided with the civic groups that organized such activities, deeming them legal. In September 2023, the Constitutional Court ruled the anti-leaflet law unconstitutional, nullifying a provision in the Inter-Korean Relations Development Act that banned such activity. In March 2025, the Seoul High Court also rejected an injunction seeking to halt leaflet campaigns by North Korean activist groups, including one representing families of abductees.
Korea Herald
an hour ago
- Korea Herald
ING names finance veteran as Korea manager
Global finance giant ING has appointed a seasoned corporate and investment banking expert as its country manager for South Korea, the firm announced Tuesday. Helen Hae-youne Jung, former head of the corporate coverage group at BNP Paribas Korea, is to lead ING's wholesale banking strategy here, deepening strategic partnerships and advancing financing solutions. With over 27 years of experience in wholesale banking at global investment banks, Jung played a key role in expanding BNP Paribas Korea's global corporate business, the firm said. Her previous roles include positions at HSBC and Mizuho Corporate Bank. Earlier in her career, Jung was an investment banker at JP Morgan Securities, where she was involved in delivering mergers and acquisitions, equity and debt capital market transactions across the automotive, shipbuilding, energy and metal sectors. "It is a privilege to lead ING's business in South Korea, a market I know well and one that plays a vital role in the global economy. I am honored to take on this role and build on ING's strong legacy in Korea,' Jung said. 'I look forward to working with the team to deepen client relationships, drive sustainable growth, and contribute to our continued success in the region.' Netherlands-based ING has held a full banking license in South Korea since 1991. Since establishing its Seoul securities branch in 2016, the company has been providing a range of financial solutions tailored to the local market.
Korea Herald
a day ago
- Korea Herald
Flexible work hour system, AI industry support
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Kim So-hee (People Power Party) ● The bill would extend the maximum application period for flexible and selective work-hour systems to one year. It would also allow the labor and management to choose the unit period for calculating extended work hours from weekly, monthly, quarterly, semi-annual or annual options. Proposed Bill: Special Act for the Promotion of the Artificial Intelligence Industry and Advancement to Global Leadership Proposed by Rep. Choi Min-hee (Democratic Party of Korea) ● This bill seeks to establish a comprehensive support system for the artificial intelligence industry to advance the country's position as a global leader in the field. In particular, it proposes that the government designate and support AI mega clusters, implement policies to foster and attract a competent workforce, designate AI data center special zones and build necessary infrastructure. Pending Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This bill would expand the scope of directors' duty of loyalty to include not only the company but also its shareholders and would limit the voting rights of the largest shareholder to 3 percent when appointing audit committee members. Competent Authority: Ministry of the Interior and Safety ● Effective Tuesday, the amended law now requires large credit cooperatives to appoint a full-time auditor and undergo external audits each fiscal year to strengthen their management and oversight. ● The draft amendment would significantly expand the scope of the data portability right, which had previously been limited to specific sectors such as health care and telecommunications. For queries about the bills, contact cr@ sj_lee@
