[Breaking] 'Introduction of Multiple Voting Rights' Venture Business Act Passed in Plenary Session

On the 27th, during the 5th plenary session of the 405th National Assembly (extraordinary session) held at the National Assembly, the motion to consent to the designation of a fast-track bill, including the appointment of a special prosecutor to investigate the stock manipulation allegations involving President's spouse Kim Geon-hee and Deutsche Motors, was passed amid the walkout of People Power Party members. Photo by Kim Hyun-min kimhyun81@

The amendment to the Venture Business Act allowing unlisted venture companies to issue multiple voting right shares passed the National Assembly plenary session on the 27th. The voting results recorded 173 in favor, 44 against, and 43 abstentions out of 260 members present.

Once the amended Venture Business Act is enforced, unlisted venture companies will be able to issue multiple voting right shares granting founders up to 10 voting rights per share.

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