Ibok-hyun, head of the Financial Supervisory Service, noted on the 27th, "As long as it does not harm the company, even if shareholders face bankruptcy, directors will not be held responsible, which is the current principle," emphasizing the need for amendments to the Commercial Code.
On that day, the director appeared on the YouTube channel "SampyoTV" and said, "There is propaganda (false and exaggerated promotion) that if shareholder duty of loyalty or amendments to the Commercial Code and rationalization of corporate governance are implemented, the business community will be unable to do anything or invest."
The director previously drew attention by stating he would "put my job on the line" in opposition to acting Prime Minister Han Duck-soo's request to reconsider the amendment to the Commercial Code, and expressed his resignation when the veto was exercised on the 1st.
He said regarding the veto exercised by the acting Prime Minister at that time, "Protecting shareholder value and advancing the capital market are important policies directly promoted by President (Yoon Suk-yeol)," adding, "I am convinced that if the president had been in office, the veto would not have been exercised."
The director also stated, "From the start of the administration, there was a proposed amendment to the Commercial Code containing much more sophisticated and cleaner duty of loyalty compared to the Democratic Party of Korea, but it was adjusted to the Capital Markets Act due to strong opposition from the business community."
He further mentioned, "The essence, whether in the Commercial Code or the Capital Markets Act, is to include principles for protecting shareholders, and currently, those discussing amendments to the Commercial Code are perceived as extremely progressive, whereas the amendments align more with conservative values."
He said, "The core of the amendments to the Commercial Code is the conservative value of ensuring fair rules in the market, especially as social interest in capital markets has grown, and in fact, conservatives cannot win in the election scenario if they miss this value; it has been taken away from them."
He also noted, "The real estate market has already reached a price level that is too high to be the main tool for asset formation, and utilizing too much leverage to keep up increases risk, so the capital market is truly the direction we should go."
On that day, the director also addressed the FSS's request for corrections to the securities registration statement, particularly concerning Hanwha Aerospace's paid-in capital increase, urging communication with shareholders by saying, "If you fix the strap under the apricot tree, you can ask why that happened."
He emphasized, "36 trillion won is the largest scale of new capital increase since the founding of the nation, but there needs to be an explanation of how it relates to the shareholders' interests, and that has not been provided," adding, "Regardless of succession issues, it is crucial to provide shareholders with sufficient information to make a judgment."