Woo Won-shik, Speaker of the National Assembly / News1
Speaker of the National Assembly Woo Won-shik is reportedly not planning to bring the Commercial Act amendment bill to the National Assembly plenary session on the afternoon of the 17th. Previously, the opposition party had announced its intention to push through the Commercial Act amendment, which includes expanding the directors’ fiduciary duty from the company to shareholders, at the session. However, Speaker Woo has put a halt to this.
At the same time, Jin Sung-joon, the Policy Committee Chair of the Democratic Party, stated at the party’s policy adjustment meeting, “The Speaker of the National Assembly has expressed that he will not introduce the Commercial Act amendment that was scheduled to be addressed today,” adding, “I find it very regrettable that this seems to be siding with the People’s Power Party’s obstinacy.” He further requested, “I respectfully urge the Speaker to ensure it is presented and handled at today’s plenary session.”
It is reported that Speaker Woo has postponed the handling of the Commercial Act amendment, opposed by the People’s Power Party, with the upcoming governmental consultative meeting among ruling and opposition parties on the 28th in mind. Speaker Woo is reportedly planning to present a mediation plan regarding the pension reform bill to the floor leaders of the ruling and opposition parties during the consultation.
Meanwhile, Kwon Young-se, Chairman of the Emergency Response Committee of the People’s Power Party, criticized the Commercial Act amendment at the party’s emergency committee meeting, describing it as a “dangerous bill that threatens corporate management rights and undermines competitiveness.” He commented, “It will trigger conflicts among shareholders with differing interests and subsequently severely constrain corporate operations,” adding, “The Democratic Party, blinded by immediate power, is neglecting the economic crisis and is promoting the politicization of the economy.”