Han Jung-ae, policy committee chair of the Democratic Party of Korea, announced on the 26th that three rounds of commercial code amendments since the launch of the Lee Jae-myung administration have laid the groundwork for resolving the "Korea Discount," and pledged to continue advancing capital market reforms. She also signaled plans to conduct a comprehensive survey targeting farmland speculation, an issue raised by President Lee.
At the Democratic Party's policy coordination meeting held at the National Assembly, Han stated, "With the launch of the Lee Jae-myung administration, we amended the commercial code three times to resolve the Korea Discount and protect shareholder rights, doing our utmost to advance the capital market." She added, "We will continue communicating on measures such as the stock price suppression prevention law to enhance industrial and market competitiveness."
The Democratic Party has completed three commercial code amendments since the new government took office through the 25th. The third amendment, which passed the National Assembly plenary session the previous day, mandates the cancellation of treasury shares held by companies as a general principle. The first amendment expanded directors' fiduciary duties from companies to shareholders, while the second made cumulative voting mandatory in the director election process.
Han raised the issue of the People Power Party's responsibility regarding delays in processing the Special Act on U.S. Investment. She stated, "It has been 18 days since the special committee for the Special Act on U.S. Investment was formed, yet despite public expectations, the agenda has not even been introduced due to the People Power Party's obstinate obstructionism." She pointed out, "Processing this special act is a matter of trust between Korea and the U.S. and international trade security. Delays will increase uncertainty for domestic companies and weaken national capabilities."
Regarding the farmland speculation issue raised by President Lee, she indicated plans to overhaul the system under the constitutional principle that only those who farm should own farmland. Han explained, "The current Farmland Act broadly permits non-farmers to own farmland through numerous exceptions, with leased farmland accounting for nearly 50% of all farmland."
She declared, "Non-farmers' demand for farmland makes it difficult for farmers to acquire land, and we cannot allow acquired farmland to be neglected or used for speculation or asset accumulation. We will reform laws and institutions to establish the principle of farmer ownership through a comprehensive farmland survey including changes in leased area."