Seoul: The National Assembly passed a revision to the Commercial Act on Monday, focusing on enhancing protections for minority shareholders. This legislative move follows the conclusion of a filibuster by the main opposition, the People Power Party (PPP).
According to Yonhap News Agency, the revision, championed by the ruling Democratic Party, was approved with 180 votes in favor, while two members from the minor New Reform Party abstained. Notably, the plenary session was boycotted by the PPP.
The updated legislation requires large listed companies with assets exceeding 2 trillion won (US$1.45 billion) to implement a cumulative voting system. Additionally, the revision mandates an increase in the separate nomination of audit committee members from one to a minimum of two.