The National Assembly on Monday introduced the third revision of the Commercial Act, which would mandate companies to cancel treasury shares.
Under the revised bill, companies acquiring treasury shares would be required in principle to cancel them within one year. Exceptions would be made for employee compensation and employee stock ownership programs.
Companies subject to foreign investment restrictions under the Telecommunications Business Act would be required in principle to dispose of treasury shares within three years of the law's effective date, to the extent necessary for regulatory compliance.
The People Power Party filed for a filibuster immediately after the bill was introduced. The Democratic Party of Korea plans to forcibly end debate and proceed to a vote on Tuesday afternoon, after the mandatory 24-hour period expires.
Rep. Yoon Han-hong of the People Power Party, chairman of the National Assembly's Political Affairs Committee, took the floor as the first filibuster speaker.