Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, Expresses Regret Over Political Handling of Unilateral Approval of Commercial Act and Fair Trade Act

Chairman Park Yong-man "Those who voted must take responsibility if side effects or unexpected issues arise" Firm Criticism

On the 8th, Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, held an emergency press conference at the Korea Chamber of Commerce and Industry building on Sejong-daero.

[Asia Economy Reporter Ki-min Lee] Ahead of the National Assembly Standing Committee's vote on the amendments to the Commercial Act and the Fair Trade Act, Park Yong-man, Chairman of the Korea Chamber of Commerce and Industry, expressed strong regret, questioning, "Do we really have to handle economic bills so politically?"

Chairman Park held an emergency press conference at 3 p.m. on the 8th and said, "Our companies are not rushing to plan or attempt anything urgently, so it is really difficult to understand what urgency justifies pushing these bills through so hastily while ignoring the opinions of businesses," adding, "I deeply regret today's attempt to push for a single-vote approval in this standing committee."

He continued, "After visiting the National Assembly last September, even the Democratic Party said they would consider the economic and corporate ripple effects and expressed willingness to listen to and reflect the opinions of businesses," he said.

He added, "So we trusted that and arranged a forum to hear from the industry as well as experts," and "We presented several alternatives, some of which we thought were reasonable."

Chairman Park then pointed out, "Looking at the current urgent situation, it seems to be proceeding almost exactly as the originally proposed government bill," and questioned, "If that's the case, why did we even hold a public hearing?"

He expressed great bewilderment at the political legislative rush to pass bills with significant impact on the economy and businesses, appealing, "I hope the submission of the amended bills can be postponed even now to reflect the opinions of companies."

When asked by reporters about alternatives the Korea Chamber of Commerce and Industry could take if the amendments to the Commercial Act and Fair Trade Act are submitted to the plenary session of the National Assembly, he said, "Unfortunately, there is not much we can do about the National Assembly's movements," expressing "a deep sense of helplessness." He also criticized, "If any side effects or unforeseen problems arise, I think those who approved this this time should take full responsibility."

Regarding the most necessary improvements to the bills, he said, "If I were to mention just one thing, the most discussed point at the start of this bill was to enhance the efficiency of audit committee members to strengthen checks and balances," and added, "I hope the issue of improving the efficiency of audit committee members and the issue of their advancement to board directors can be separated."

The government's and ruling party's proposed amendments to the Commercial Act focus on strengthening regulations on the appointment of audit committee members and introducing a multiple derivative lawsuit system. Additionally, the amendments to the Fair Trade Act mainly include expanding the scope of internal transaction regulations and raising the mandatory shareholding ratio for holding companies.

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