Democratic Party of Korea lawmakers Kang Hoon-sik and Park Ju-min criticized Acting Prime Minister Han Duck-soo for exercising the right to request reconsideration (veto) on the amendment to the Commercial Act on the 29th, stating, 'There is no longer time or reason to delay the amendment to the Commercial Act. Let's start discussions in the National Assembly's Legislation and Judiciary Committee right away.'
The two lawmakers are part of Lee Jae-myung's presidential candidate camp.
On the same day, lawmakers Kang and Park held a joint press conference with the Korea Stock Investors Association at the National Assembly's communication center, stating, 'The acting prime minister exercised his veto on the amendment to the Commercial Act, which expands the fiduciary duty of directors to all shareholders and makes electronic shareholder meetings mandatory.'
'However, the amendment to the Commercial Act is not over,' they explained, adding, 'The amendment to the Commercial Act, proposed by lawmakers Kang Hoon-sik, Park Ju-min, and Lee Jung-moon, is already pending in the Legislation and Judiciary Committee.'
'Moreover, new bills have been introduced even after the rejection. Once the review in the Legislation and Judiciary Committee starts, discussions can begin immediately,' they emphasized.
'Investor anxiety is increasing as the stock market has been experiencing a downturn,' they noted, adding, 'The main culprit of the Korea Discount weighing down our capital market is none other than the Board of Directors, which acts as a 'proxy' for the controlling shareholder.'
'We can no longer sit idly by in the face of the unfavorable merger of Samsung C&T and Cheil Industries, the capital increase for Korea Zinc and Hanwha Aerospace benefiting only the controlling shareholder. The Democratic Party promises to work comprehensively with candidate Lee Jae-myung to restore trust in the capital market and protect the interests of 14 million small investors and the public.'
Jeong Ui-jeong, representative of the Korea Stock Investors Association, who attended the press conference, stated, 'To resolve the Korea Discount, it is essential to amend the Commercial Act and separate taxation on dividends.' On the 24th, Democratic Party lawmaker Lee So-young launched a bill for separate taxation on dividend income, which was a proactive claim by the People Power Party. Now it is time for the People Power Party to respond by supporting the amendment to the Commercial Act.'
After the press conference, Park told reporters, 'The amendment to the Commercial Act is currently pending in the Legislation and Judiciary Committee, and we will work to ensure it passes quickly once discussions begin.' He added, 'We are also considering a bill to prohibit the exercise of veto power if it is exercised against the amendment.'
'I urge the People Power Party to actively engage in discussions, rather than oppose, if they truly care for small investors,' he said.
'Should the previous government exercise its veto again, it will be possible to implement the amendment quickly once the regime changes,' he said, adding, 'At the party level, we have agreed to gather strength and make swift progress.'
Earlier, Democratic Party presidential candidate Lee Jae-myung emphasized that the amendment to the Commercial Act must be done as soon as possible. At a meeting held by the Korea Financial Investment Association on the 21st, he said, 'We failed to amend the Commercial Act this time, so it seems we must achieve the amendment as soon as possible.'