Son Kyung-sik Visits People Power Party: "Supplementary Legislation Urgently Needed for Corporate Regulation Bills"

On the 11th, Sohn Kyung-shik, Chairman of the Korea Employers Federation, Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Business, and other economic organization leaders met with Joo Ho-young, Floor Leader of the People Power Party, at the National Assembly. The meeting was arranged by the People Power Party to hear the business community's opinions on the Serious Accidents Punishment Act. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kiho Sung] Sohn Kyung-shik, Chairman of the Korea Employers Federation, expressed concerns regarding the Serious Accident Punishment Act, stating, "Companies struggling with management difficulties due to the prolonged COVID-19 pandemic are facing worsening business conditions as numerous regulatory bills are being passed en masse by the National Assembly. The situation is bleak, and we are unsure how to overcome it," and requested supplementary legislation.

On the 11th, Chairman Sohn held a meeting with Joo Ho-young, floor leader of the People Power Party, along with heads of five economic organizations at the National Assembly. In his greeting, he said, "Although the new year of the Year of the Ox has dawned, businesspeople including myself are losing sleep due to many worries and fears. In December last year, too many corporate regulatory laws such as the Commercial Act, the Fair Trade Act, and the Labor Union Act were passed all at once by the National Assembly. Moreover, on the 8th, the Serious Accident Punishment Act, which could criminalize businesspeople, was enacted," he said.

Chairman Sohn urged, "I earnestly request that you carefully review the various corporate burden bills passed this time and promptly pursue additional supplementary legislation."

Regarding supplementary legislation, he requested for the amendment to the Commercial Act ▲a grace period of about one year ▲application of special provisions for listed companies. For the Fair Trade Act, he requested ▲exclusion of companies with indirect shareholdings among related parties from internal transaction regulations. For the Labor Union Act, he explained the need for ▲abolishing criminal penalties for unfair labor practices ▲allowing replacement labor during strikes ▲prohibiting full-scale workplace occupation ▲prohibiting demands for wages exceeding the limit of working hours and related strike actions.

For the Serious Accident Punishment Act, he requested ▲reconsideration by removing the lower limit of imprisonment and setting an upper limit ▲establishing provisions for exemption from liability if there is no intentional or gross negligence in violation of obligations.

Chairman Sohn stated, "To overcome the economic and employment crisis caused by COVID-19 and lead the economy in the post-COVID era, it is necessary to enhance corporate vitality and competitiveness," and added, "In this regard, I hope that both ruling and opposition parties will actively engage in legislative discussions focused on creating a business-friendly environment and revitalizing investment during the first half of this year’s National Assembly session."

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