Jinseongjun: "We will pass the Commercial Act amendment during the February National Assembly"

February 25 Democratic Party Floor Strategy Meeting
Jin Seongjun Criticizes Ruling Party's Walkout as "Duplicity"

Jin Seong-jun, the Policy Committee Chair of the Democratic Party of Korea, stated, "The Democratic Party will pass the amendment to the Commercial Act during the February National Assembly session."

Jinseongjun, the Policy Committee Chairman of the Democratic Party of Korea, is speaking at the floor strategy meeting held at the National Assembly on the 25th. 2025.2.25 Photo by Kim Hyunmin

At the Democratic Party's floor strategy meeting held at the National Assembly in Yeouido on the 25th, Chair Jin said, "We will change the Korea discount to a Korea premium for the normalization of the Korean stock market and transparent corporate management."

Chair Jin added, "The amendment to the Commercial Act, which mandates shareholder loyalty duties and electronic shareholder meetings, passed the subcommittee of the Legislation and Judiciary Committee the day before," and said, "Although other review matters remain, it is significant as a stepping stone to protect the rights of minority shareholders."

However, he did not forget to criticize the members of the People Power Party who walked out during the bill approval process, saying, "The government and ruling party showed duplicity, saying one thing and doing another." He added, "In the past, the president and financial authorities made the need for amending the Commercial Act to protect minority shareholders meaningless."

Regarding pension reform, he emphasized reaching an agreement on parametric reform (changing contribution rates and income replacement rates) first. Chair Jin said, "The People Power Party has brought up conditions again in the pension reform negotiations," and explained, "They say that if an automatic adjustment mechanism for pensions is agreed upon, they will accept the income replacement rate proposed by the Democratic Party."

Chair Jin said, "I don't know why they keep attaching conditions to parametric reform," and added, "The Yoon Seok-yeol administration proposed that pension reform should simultaneously address parameters and structure, which is the automatic adjustment mechanism." The automatic adjustment mechanism refers to a system that automatically adjusts contribution rates and income replacement rates according to demographic and economic conditions.

He said, "Although the Democratic Party has consistently opposed it, since the government has presented a progressive stance and it will be implemented on the condition of National Assembly approval, we will not exclude it from discussions," and added, "The automatic adjustment mechanism can be discussed in structural reform, so let's not attach conditions and agree on parametric reform first."

Regarding the voucher for small business owners' utility bill support worth 1 million won per person, which the People Power Party proposed to include in the supplementary budget, he criticized it as a "misguided remedy." Chair Jin pointed out, "Self-employed businesses increase sales when many customers come," and said, "While utility bill support can put out urgent fires, it does not help increase sales at all."

He continued, "What is needed is not collecting utility bills but boosting domestic demand and consumption," and said, "The Democratic Party proposed a four-package consumption promotion plan requiring a budget of 23 trillion won." He emphasized, "If there is neither the ability nor the will to revive the people's economy, I hope the supplementary budget bill will be sincerely reviewed first."

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