Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, said on the 24th, “If the Democratic Party wins the presidential election on June 3 and I get elected, stock prices will rise even if nothing is done.” During a campaign event at the Bucheon Station Northern Square that afternoon, he added, “I am considering purchasing about 100 million won worth of funds in the stock market now, and I can talk about that (the rise in stock prices).”
Lee Jae-myung noted, “The stock market is like the heart of a very sensitive capitalism. When the future is uncertain or hard to predict, it shrinks,” and added, “Even if times are tough now, if a rational prediction is possible and we become a stable and normal society, things will get better again.”
He referred to the stock manipulation case involving Kim Keon-hee, the spouse of former President Yoon Suk-yeol, saying, “If you buy non-blue-chip stocks like small and mid-cap stocks, someone will manipulate the stock prices. Something that was 1,000 won can become 5,000 won in just a few months, and is it reasonable that stock prices suddenly go up when the president visits Ukraine?”
He stated, “Someone clearly seems to have engaged in unfair transactions and manipulated the stock prices of Deutsche Motors and made a lot of money, but they are powerful enough to avoid investigation or punishment.” He added, “Would the whole world look at this and think, ‘Our stock market is fair, I can join and win and make money’? That’s why ‘escaping the Korean stock market is intelligent,’ and people go to the U.S. stock market.”
He also mentioned, “Regarding partitioning and creating subsidiaries, if the company is split, isn’t the newly split company still owned by the original owner?” He argued, “In our country, it is strange that the owners of the split companies and the newly formed companies are different. The proposal to prevent this is the revision of the Commercial Act, yet the People Power Party refuses it, even though the Democratic Party truly wants it.”
The Democratic Party has pledged to revise the Commercial Act to expand the scope of the 'duty of care for directors' from 'the company' to 'the company and shareholders' in this presidential election. Additionally, it includes provisions such as ▲ treating the interests of all shareholders fairly during directors' duties ▲ requiring major listed companies, as defined by presidential decree, to hold electronic shareholder meetings ▲ introducing cumulative voting for the appointment of directors in major listed companies ▲ expanding the number of audit committee directors to at least two from being separately elected.