The Democratic Party of Korea's election countermeasure committee launched the 'KOSPI 5000 Era Committee' on the 8th and held a policy agreement ceremony with the financial investment industry. The Democratic Party emphasized its commitment to re-pursue the amendment of the Commercial Act.
The KOSPI 5000 Era Committee under the Democratic Party's election committee held a policy agreement ceremony on that morning at the National Assembly.
Park Chan-dae, chairperson of the Democratic Party's General Election Countermeasure Committee, said, "Today's policy agreement ceremony is a pledge by the Democratic Party, which first opened the KOSPI 2000 era in 2007, to inaugurate the KOSPI 5000 era again in 2025."
He added, "The Democratic Party will create a Korea Premium era through recovery and growth," and emphasized, "We will definitely create a fair and transparent market where citizens can invest with peace of mind; a foundation for growth where innovative corporations are rightfully assessed; and an economic structure and system that provides solid protection for investors."
Rep. Oh Gi-hyeong, who serves as the chairperson of the KOSPI 5000 Era Committee, remarked, "There is social distrust that escape from the 'Director General' (Korean stock market) is a matter linked to intelligence," and questioned, "Currently, the stock price index is around 2580. When will the KOSPI index exceed 3000 and reach 5000?"
He continued, "Nevertheless, many experts say there is potential if we can eliminate the Korea Discount," emphasizing the reliability of the Korean stock market.
Rep. Oh noted, "If we said we would amend the Commercial Act and do not follow through, isn't that itself a problem?" and added, "The promise to amend the Commercial Act was made by the Yoon Suk-yeol government; however, acting president Han Duck-soo exercised a veto, which increased distrust in the market."
The Democratic Party emphasized its intention to reintroduce the amendment to the Commercial Act, focusing on expanding directors' duties of loyalty to shareholders.
Kang Hun-sik, director of the Democratic Party's Comprehensive Situation Room, stated, "The amendment to the Commercial Act was ultimately thwarted in the face of opposition from the Yoon Suk-yeol government. We plan to push forward again, without giving up," and added, "Strengthening the duties of directors toward shareholders is just the beginning."
Rep. Lee Jeong-moon, who proposed the amendment to the Commercial Act as a party position last year, said, "This year, it was ultimately rejected after a re-vote in the plenary session. In the future, I also intend to propose this bill again," and asserted, "I will do my best to ensure it passes as a policy of the Democratic Party."
Meanwhile, representatives from the Korea Financial Investment Association and small shareholder organizations also attended the policy agreement ceremony today to make policy proposals.
Lee Chang-hwa, head of the Asset Management and Real Estate Division of the Korea Financial Investment Association, stated, "There needs to be adequate management of listed corporations and a market focus on outstanding companies," and added, "Aside from the National Pension Service, there is a problem that there are too few long-term institutional investors in our country's funds. Aggressive tax incentives are needed, as well as a need to improve shareholder return rates, including enhancing the treasury stock system."
He further stated, "If the president's office sets up a control tower to directly oversee and presents a short-term and long-term roadmap, it will also instill trust in investors."
Yoon Tae-jun, head of the shareholder activism platform Act, argued, "The expansion of the separation of election of audit committee members and the obligation to concentrate regulation on large listed companies, which were heavily discussed during the amendment of the Commercial Act, need to be revisited."