Cancellation of treasury stocks, support for semiconductor industry
Proposed by Rep. Choi Eun-seok (People Power Party)
● This bill would introduce shareholder rights plans (poison pills), allow the issuance of dual-class shares, introduce veto-right shares and codify the business judgment rule, to expand measures to defend corporate control.
Proposed Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)
● This bill would mandate the immediate cancellation of treasury stocks upon acquisition and require treasury stocks acquired before the enforcement of this bill to be canceled within six months.
Pending Bill: Partial Amendment to the Korea Development Bank Act
Proposed by Rep. Kang Min-kuk (People Power Party) and Rep. Kang Jun-hyeon (Democratic Party of Korea)
● This bill would strengthen support for semiconductors and other high-tech strategic industries by establishing the High-tech Strategic Industry Fund, with a planned scale of 50 trillion won ($36 billion).
Promulgated Bill: Telecommunications Business Act
Competent Authority: Ministry of Science and ICT
● With the repeal of the Mobile Device Distribution Improvement Act, mobile carriers are no longer required to disclose mobile device subsidies publicly, and the cap on additional subsidies, which was previously limited to 15 percent of the publicly disclosed subsidies, is also removed.
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
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