Seoul: The National Assembly on Thursday approved a significant revision to the Commercial Act, expanding corporate directors' responsibilities to include shareholders. The amendment, which secured passage with a 184-91 vote during a plenary session, mandates that directors act in good faith not only towards the company but also towards its shareholders.
According to Yonhap News Agency, the amendment represents a pivotal change in corporate governance, aiming to enhance shareholder rights and accountability. This legislative move is expected to reshape how directors manage corporate affairs, emphasizing a balanced duty to both the company and its shareholders.
In other news, actor Kim Soo-hyun plans to address allegations of being in a romantic relationship with the late actress Kim Sae-ron when she was underage. Despite his agency's denial of these claims, Kim remains embroiled in the controversy.
Meanwhile, Kakao Corp. announced that company founder Kim Beom-su will resign from his role as co-chair of the Corporate Alignment Council due to health concerns. Kakao, known for operating the popular messaging service Kakao Talk, revealed that Kim's decision is part of a broader leadership transition strategy.
Additionally, the defense ministry reported that two Air Force fighter jet pilots have been booked on charges related to the accidental bombing of a village last week. The incident, involving two KF-16 fighter jets, resulted in injuries to 38 people, including 24 civilians, and was attributed to pilot error.
The Bank of Korea has also indicated the possibility of up to two additional interest rate cuts this year. The central bank's latest monetary policy report highlights efforts to bolster economic growth while maintaining stable prices.