Opposition Stalls Reform as President Lee Urges Faster Passage of Treasury Share Cancellation Law

On the 25th, President Lee Jaemyung stated, "I hope the legislation on the retirement of treasury shares will be passed as soon as possible," adding, "There is a mountain of work to be done, including a law to prevent stock price suppression." His remarks were aimed at the fact that the third Commercial Act amendment bill, which includes a mandatory requirement to retire treasury shares, has been blocked by a filibuster (a lawful obstruction of parliamentary proceedings through unlimited debate) led by the People Power Party. In addition, to hear advice on future state affairs, as well as ways to cooperate with the National Assembly, President Lee, for the first time since returning to the Blue House, will host a luncheon with the standing advisory council of the Democratic Party of Korea.

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On this day, President Lee wrote these comments on X (formerly Twitter) while sharing an article arguing that the Democratic Party’s moves are overshadowing the government’s achievements. He said, "Most companies accept this, and both the public and shareholders welcome such reform legislation, so I cannot easily understand why there is such extreme opposition that they stay up all night. They may have their own reasons, but it is not easy to accept," pointing out, "The days are short, and the road ahead is long."

The Commercial Act amendment bill is expected to immediately proceed to a plenary vote once the filibuster is ended by the Democratic Party of Korea and others at around 4:00 p.m. on this day. The Democratic Party submitted a motion to end the filibuster the previous afternoon. Under the National Assembly Act, once 24 hours have passed since the start of a filibuster, debate can be terminated with the approval of three-fifths or more of all sitting lawmakers.

Regarding some claims that the ruling party is failing to support the Blue House, President Lee countered, saying, "Such excessive worries are what we call groundless fears." This is interpreted as a remark conscious of arguments from some quarters that the Blue House and the Democratic Party of Korea are out of sync. President Lee explained, "The party should do the party’s work, and the presidential office should do the presidential office’s work well," adding, "There has never been a time when the president was pushed to the sidelines, nor have I ever felt that way." He then defended the party, saying, "Despite various obstacles, including the extreme struggle waged by the opposition parties, the Democratic Party is doing its utmost to carry out the tasks entrusted by the people," and, "There is absolutely no lack when it comes to reform legislation or support for the government." He went on to stress, "What I always emphasize is that more important than formality or protocol are the outcomes and performance that the public can actually feel. The ruling party doing its job well is the best possible support for the government."

Earlier, on the previous day, President Lee had also highlighted the fact that a special act to establish an integrated special city for South Chungcheong Province and Daejeon was placed on the agenda of the National Assembly’s Legislation and Judiciary Committee but its handling was put on hold due to opposition from the opposition parties. He said, "We cannot unilaterally push ahead, without sufficient consensus, with the integration of a metropolitan administrative district that has a history of a thousand years." Sharing a media article suggesting that "the Blue House is feeling disappointed with the Democratic Party’s moves amid a trend toward the collapse of the Daejeon-South Chungcheong integration plan," he also remarked, "The government’s position has been that we should not overreach by forcing this through in the face of opposition from the opposition parties and the provincial and city councils. I hope there will be no misunderstanding."

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Meanwhile, on this day, President Lee will, for the first time since returning to the Blue House, host a luncheon with the Democratic Party’s standing advisory council. It has been about six months since President Lee last met with the advisory council, on August 21 last year. The luncheon meeting will be attended by Democratic Party standing advisors Kwon Nogap and Lee Yongdeuk; former National Assembly Speakers Kim Oneki, Lim Chaejung, Chung Sye-kyun, Moon Heesang, Park Byeongseug, and Kim Jinpyo; and Minister of Unification Chung Dongyoung. Last year, the late former Prime Minister Lee Haechan, who passed away in January, had also attended. A Blue House official said, "No specific topic has been set, but it will be an occasion to listen carefully to the advice of the standing advisory council," adding, "A wide-ranging discussion could take place on the future direction of state affairs and ways to cooperate with the National Assembly."

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