The third Commercial Code amendment bill, which mandates treasury stock cancellation, was introduced to the plenary session on the 24th. The Democratic Party of Korea's "Korea Premium K-Capital Market Special Committee" is accelerating efforts to establish shareholder-friendly general meeting systems.
The K-Capital Market Special Committee held a meeting at the National Assembly that day and discussed measures including granting minority shareholders the right to request appointment of general meeting chairpersons. Rep. Lee Kang-il of the Democratic Party, who proposed a Commercial Code amendment bill with this content last year, expressed his commitment to continue pursuing the initiative.
Additionally, the K-Capital Market Special Committee plans to advance the remaining five core tasks announced at its meeting on the 3rd. The committee had previously announced tasks including the third Commercial Code amendment, improvement of tax and disclosure systems, refinement of director conduct guidelines, strengthening of stewardship codes, introduction of mandatory tender offer systems, Capital Markets Act amendments such as measures to prevent dual listings, and introduction of stock price suppression prevention laws.
The People Power Party launched a filibuster against the third Commercial Code amendment, the first contentious bill at the plenary session. Filibusters against controversial bills including the "three judicial reform bills (judicial distortion crime law, constitutional complaint law, Supreme Court justice expansion law)" and the "amnesty law amendment" are expected to continue for up to eight days until March 3rd, when the February extraordinary session concludes.
Rep. Yoon Han-hong of the People Power Party, chairman of the National Assembly's Political Affairs Committee, spoke first in opposition: "Since the Lee Jae-myung government launched, has there been any policy that liberates businesses? Weren't they all laws that strangle companies?"
The third Commercial Code amendment is expected to be processed at the plenary session around 4 p.m. on the 25th, 24 hours after the filibuster began.