Government and Ruling Party Discuss Multiple Voting Rights with Venture Industry: "Incorporating Field Opinions into Policy"

Kang Sung-cheon, Vice Minister of the Ministry of SMEs and Startups / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Bo-kyung] The government and ruling party are gathering opinions from the venture industry on the introduction of multiple voting rights.

Kang Seong-cheon, Vice Minister of the Ministry of SMEs and Startups, announced on the 16th that he will hold an 'On-site Policy Meeting of the Regulatory Innovation Promotion Team for Revitalizing the Venture Startup Ecosystem' together with the Democratic Party's Regulatory Innovation Promotion Team.

The Ministry of SMEs and Startups is establishing an institutional foundation to spread the second venture boom by introducing multiple voting rights for unlisted venture companies and adopting Silicon Valley-style investment and financing complex financial systems.

The meeting will be held at the Seoul Creative Economy Innovation Center in Yongsan-gu, Seoul. Vice Minister Kang, representatives and experts from the Democratic Party's Regulatory Innovation Promotion Team, the Korea Venture Business Association, the Korea Venture Capital Association, and other industry leaders will attend to discuss institutional improvements for revitalizing the venture startup ecosystem.

At this meeting, the ministry will listen to industry opinions on the introduction of multiple voting rights it is promoting. Discussions will also be held on venture startup systems such as Silicon Valley-style investment, stock options, and angel investment.

Vice Minister Kang said, "Efforts for regulatory innovation and institutional improvement are very important to sustain the second venture boom," adding, "We will review opinions from the field and proposals for institutional improvements and reflect them in future policy formulation."

Despite the difficulties caused by COVID-19 last year, venture investment reached a record high of 4.3 trillion won, and employment in venture companies increased by about 53,000, signaling the rise of the second venture boom.

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