The shareholder action platform Act noted on the 20th that it sent a registered letter containing the 'statement of intent opposing the exercise of veto on the amendment to the Commercial Act' to acting President Choi Sang-mok. The statement sent the previous day involved the participation of 13,056 individual investors.
Act explained that, following the passage of the amendment to the Commercial Act in the National Assembly, various opinions emerged regarding the exercise of the veto power of acting President Choi. It judged that the opinions of individual investors, who are the core actors in the stock market, have not been reflected at all, leading to the decision to conduct a signature campaign.
The amendment to the Commercial Act that passed the National Assembly includes provisions that define the duty of care of directors towards shareholders. Act expressed concern that if the amendment, which is essential to resolve the 'Korea discount,' is derailed due to the exercise of veto, the development of the Korean market could once again be halted.
Yoon Tae-joon, head of Act, said, 'The Korean capital market must change to meet global standards, just as it has a history built over more than 50 years,' adding, 'The first step is the amendment to the Commercial Act.' He also mentioned, 'We will continue to voice our demands for institutional improvements to enhance shareholder value.'