Latest news with #KimHyun-jung
Korea Herald
04-08-2025
- Business
- Korea Herald
Cancellation of treasury stocks, support for semiconductor industry
Proposed Bill: Partial Amendment to the Commercial Act 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.
Korea Herald
23-06-2025
- Business
- Korea Herald
Shareholder voting rights, private equity fund limit
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. Proposed Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● The bill would broaden the scope of directors' duty of loyalty to include shareholders as well as the company, and limit the largest shareholder's voting rights to three percent when appointing audit committee members. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea) ● The bill would reduce the borrowing limit for private equity funds from 400 percent to 200 percent of their net asset value. It would also require them to report to the Financial Services Commission any conflict of interest and measures for its control in asset transactions through SPCs or related-party deals. Pending Bill: Partial Amendment to the Distribution Industry Development Act Proposed by Rep. Oh Sae-hee (Democratic Party of Korea) ● This bill would mandate the head of a local government to designate compulsory closedown dates and impose business hour restrictions on superstores, while requiring that the closedown dates be selected from public holidays. Promulgated Bill: Act on the Improvement of Urban Areas and Residential Environments Competent Authority: Ministry of Land, Infrastructure and Transport ● Effective June 4, the amended law has significantly eased the standards and requirements for reconstruction safety inspections. It exempts apartment buildings over 30 years old from mandatory safety inspections required for reconstruction projects. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Promotion of Saving and Recycling of Resources Competent Authority: Ministry of Environment ● The draft amendment would expand the scope of products subject to mandatory recovery and recycling to include plastic toys, which must meet a recycling rate annually determined by the Ministry of Environment. For queries about the bills, contact cr@
