8 Economic Organizations "Positive Evaluation of Government's Capital Market Act Amendment"

On the 2nd, eight economic organizations including the Korea Economic Association issued a joint statement on the government's proposed amendments to the Capital Markets Act, stating, "The business community positively evaluates the government's Capital Markets Act amendments aimed at preventing harm to common shareholders and protecting their rights."

They said, "The amendments to the Capital Markets Act stipulate procedures and standards to fairly evaluate the appropriate value of companies during mergers and acquisitions," adding, "Furthermore, by introducing measures to protect shareholder interests during physical division, it is expected to have a positive effect on the rights of common shareholders."

Kim Byung-hwan, Chairman of the Financial Services Commission (center), is announcing the direction of amendments to the Capital Markets Act to strengthen the protection of general shareholders' interests on the 2nd at the Government Seoul Office in Jongno-gu, Seoul.

However, they added, "Regarding the provisions in the government's Capital Markets Act amendments that impose obligations to protect shareholders' legitimate interests, we hope that in the National Assembly's deliberations, in-depth discussions will take place, including the legislative establishment of specific codes of conduct to ensure the stable operation of corporate boards."

They continued, "Given the increasing domestic and international uncertainties and the severe economic situation, we hope the National Assembly will consider the difficulties faced by our economy and companies and work diligently on laws and budgets to revive the economy," and stated, "The business community will devote itself to discovering new businesses and technological innovation to reignite the growth engine of the Korean economy, and enhance the attractiveness of the Korean stock market by improving shareholder value and strengthening communication with shareholders."

The joint statement was participated in by the Korea Economic Association, Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of Small and Medium Business, Korea Employers Federation, Federation of Korean Mid-sized Enterprises, Korea Listed Companies Association, and KOSDAQ Association.

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