Seoul: Presidents of 16 major companies, including Samsung Electronics, SK Group, and Hyundai Motor, on Thursday issued a joint statement opposing the proposed revision of the Commercial Act, which aims to expand the duties of corporate board members.According to Yonhap News Agency, in the statement, Samsung Electronics President Park Seung-hee, SK Group President Lee Hyung-hee, and others expressed concern that the proposed changes would disrupt the operations of boards of directors and discourage companies from pursuing new growth opportunities.The move came after the main opposition party proposed the revision earlier this month, requiring directors to prioritize the interests of both the company and its shareholders. Under the current Commercial Act, board members should fulfill their duties for the company."The proposed amendments to the Commercial Act, including the expansion of directors' duties of loyalty, will hinder boards from conducting normal management activities due to excessive litigatio n and potential attacks from overseas speculative investors," the group of business leaders said."It will disturb the discovery of new growth engines and lead to a decline in the value of local companies and stocks."The group also urged the government to implement broader deregulation measures to stimulate the economy and provide more administrative and financial support for advanced sectors, such as AI chips, secondary batteries, mobility, biotechnology, energy, and industrial materials."If current economic challenges persist, the domestic economy risks falling into a prolonged slump," they warned, adding that the business community will strive to discover new opportunities and create jobs to help the economy rebound.
- October 12, 2026
