Photograph : YONHAP Information
Revisions to the Industrial Act put forth by the principle opposition Democratic Occasion, requiring boards of administrators to prioritize the pursuits of shareholders, handed the opposition-dominated Nationwide Meeting.
The revision invoice on Thursday received assist from 184 of the 279 lawmakers in attendance, whereas 91 opposed it and 4 abstained.
Because the ruling Individuals Energy Occasion(PPP) determined to oppose the invoice as a part of its social gathering line, all of its representatives both voted in opposition to it or abstained.
The invoice expands board members’ duties that have been beforehand restricted to the corporate, to now embrace shareholders as nicely, and likewise requires digital shareholders’ conferences at listed corporations.
The invoice is ready to take impact one yr after its enactment.
The PPP had opposed the revision on considerations that it’s going to place extreme burden on companies, and intends to advocate that Performing President Choi Sang-mok veto the invoice.
