Kwon Young-se "Will Immediately Propose Veto If Commercial Act Passes Unilaterally"

People Power Party Warns of Veto Recommendation
over Democratic Party's Planned Resubmission of Commercial Act Amendment

Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, stated on the 13th, "If the Democratic Party unilaterally passes the amendment to the Commercial Act, we will immediately recommend the right to request reconsideration (veto) to protect our companies."

Chairman Kwon pointed out at the Emergency Response Committee meeting held at the National Assembly on the same day, "Today, the Democratic Party says it will resubmit the amendment to the Commercial Act," adding, "They are ignoring voices from the field that express concerns about damaging the medium- to long-term competitiveness of companies."

Kwon Young-se, Emergency Response Committee Chairman of the People Power Party, is speaking at the Emergency Response Committee meeting held at the National Assembly on the 13th. 2025.3.13 Photo by Kim Hyun-min

The amendment to the Commercial Act mainly expands the duty of directors from being faithful to the 'company' to being faithful to the 'company and shareholders.' It also includes provisions mandating the introduction of electronic shareholder meetings for listed companies.

Chairman Kwon criticized, "With the amendment to the Commercial Act, Korean companies are more likely to become targets of global corporate raiders," and asked, "In a situation where threats to management rights persist, which entrepreneur would dare to take on new business challenges?"

He further urged, "Although Representative Lee Jae-myung talks about K-NVIDIA, under the economic order pushed by the Democratic Party, it is impossible from the start," and called on the Democratic Party to "withdraw the policies that are ruining the economy even now."

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