President Lee Jae-myung held a cabinet meeting on the 2nd and approved the so-called "yellow envelope law" and the "stronger commercial law."
The Presidential Office stated that during the cabinet meeting presided over by President Lee, the proposals for the yellow envelope law, amendments to the commercial law, amendments to the Korea Communications Commission Act, and amendments to the Korea Educational Broadcasting System Act were reviewed and approved.
The yellow envelope law refers to the amendment of the "Trade Union and Labor Relations Adjustment Act." It expands the definition of employer to include those who are not parties to the employment contract but have the authority to practically and specifically control or determine working conditions. It stipulates obligations for primary contractors in labor negotiations and limits corporations' claims for damages during strikes.
It was passed in the National Assembly during the Yoon Suk-yeol administration, but was discarded due to the exercise of the veto power (request for reconsideration).
The concurrently passed amendment to the commercial law includes mandatory introduction of the cumulative voting system for listed companies with assets over 2 trillion won and expanded the separate election of audit committee members to two. The commercial law amendment will take effect one year later, while the yellow envelope law will take effect six months later.
The amendment to the Korea Communications Commission Act and the amendment to the Korea Educational Broadcasting System Act, which are part of the three broadcasting laws, were also approved on this day. The amendment to the Korea Communications Commission Act increases the number of directors for the Munhwa Broadcasting Corporation (MBC) and the amendment to the Korea Educational Broadcasting System Act increases the number of directors for EBS from 9 to 13 and diversifies the entities recommending directors. All of these were laws that were discarded due to the exercise of veto power during the previous administration.