Democratic Party-Korea Chamber of Commerce to Hold Policy Meeting on the 14th Ahead of Economic 3 Laws Passage

[Asia Economy Reporter Hwang Yoon-joo] The Democratic Party of Korea is holding a series of policy meetings with the business community ahead of the passage of the so-called 'Fair Economy 3 Acts' amendment bills.

The Korea Chamber of Commerce and Industry (KCCI), which is taking a separate approach from the six major economic organizations including the Korea Employers Federation, will hold a separate policy meeting with the Democratic Party on the morning of the 14th to convey the business community's opinions.

According to the Democratic Party and KCCI on the 12th, both sides will hold a 'Fair Economy TF Policy Meeting' at KCCI at 11 a.m. on the 14th.

The meeting will be attended by Yoo Dong-soo, chairman of the Democratic Party's Fair Economy TF, and lawmakers Kim Byung-wook, Baek Hye-ryun, Oh Ki-hyung, Hong Sung-guk, Lee Yong-woo, and Song Ki-heon. From KCCI, Woo Tae-hee, executive vice president, Park Jong-gap, managing director, Lee Kyung-sang, director, and Lim Jin, head of SGI, will participate to convey the business sector's position.

KCCI is expected to express concerns about the fact that the three economic laws promoted by the government and ruling party are being processed without reflecting the opinions of the business community, and to propose supplementary legislation.

KCCI has requested amendments, stating that if the original versions of the Commercial Act amendment introducing the separate election system for audit committee members, the 3% voting rights limit for major shareholders, the 'multiple derivative suit system' allowing parent company shareholders to claim damages from executives of subsidiaries who commit illegal acts, and the Fair Trade Act strengthening regulations on internal transactions (private interest appropriation) are passed, problems will arise in defending corporate management rights.

In particular, KCCI is demanding that if the separate election system for audit committee members must be introduced in the Commercial Act amendment, the 3% voting rights restriction for major shareholders be lifted at least in cases where speculative funds attempt to enter the board of directors.

Park Yong-man, chairman of KCCI, said at a press conference held last month, "We do not oppose all economic legislation being promoted in the National Assembly, but there are problems with both the methods and procedures," adding, "We need to gather corporate opinions, discuss side effects and alternatives, and find the right path."

After the meeting with KCCI on the morning of the 14th, the Democratic Party is reported to hold a closed-door policy meeting in the afternoon with six economic organizations including the Korea Employers Federation, the Korea Federation of Small and Medium Business, and the Korea Federation of Medium-sized Enterprises.

On the 15th, the Democratic Research Institute, the Democratic Party's think tank, will host a policy meeting related to the Fair Economy 3 Acts at the Korea Federation of Small and Medium Business, involving both the party and the business community.

This content was produced with the assistance of AI translation services.