The Democratic Party urged Acting President and Minister of Economy and Finance Choi Sang-mok to accept the corporate reform bill.
Jin Seong-jun, chairman of the Democratic Party's policy committee, emphasized at the Democratic Party's National Assembly countermeasure meeting on the 18th that the corporate reform bill is a law aimed at improving our backward corporate governance structure and protecting 14 million individual investors, stating, "I urge you to immediately accept and promulgate the corporate reform bill."
Chairman Jin noted, "The corporate reform bill is no different from Acting Choi Sang-mok's past commitment to protect the interests of all shareholders," adding, "In a passage from a book he wrote four years ago, he stated that directors must fulfill their fiduciary duties for the company and all shareholders."
He also added, "Acting Choi wrote that we should enhance the effectiveness of related systems under the law to hold directors who violated their duty of care and controlling and non-controlling shareholders who directed them legally accountable," highlighting that he suggested adding the duty of a good fiduciary to the board's obligations and demanding legal accountability.
He mentioned Acting Choi's previous statements that he would push for the revision of the law, noting that accepting the corporate reform bill would be an opportunity to shed the stigma of acting in a coup.
Chairman Jin stated, "Acting Choi Sang-mok said last February that he would prioritize the advancement of the capital market as a key task during the Yoon Seok-youl administration and push for amendments to the corporate law," indicating that this is a golden opportunity to cleanse the stigma of acting in a veto and coup.
He stated, "Acting Choi Sang-mok exercised his veto power eight times within 80 days of taking office, while Yoon Seok-youl exercised his veto power 25 times during the 31 months before his suspension from duty, which cannot be considered anything less than an unprecedented abuse of veto power in constitutional history."
Chairman Jin emphasized, "Acting Choi has vetoed not only the coup investigative law, the Kim Keon-hee investigative law, and the Myung Taek-kyun investigative law, but also livelihood legislations such as the local education grant law and the elementary and secondary education law. Please stop acting in a coup and accept the livelihood laws passed by the National Assembly. The supplementary budget plan agreed upon by both parties should also be immediately prepared and submitted."