Jin Seong-jun: 'We are preparing a bill to exempt breach of trust' in response to business opposition to 'commercial law revision'

"In the event of a 'management judgment', it will not be possible to demand accountability"
Ruling party criticises government's 'back and forth'
"Hasn't the ruling party said that the commercial law needs to be revised? being sued. This is because lawsuits can be overused. The Democratic Party is considering additional measures, such as adding a "management judgment" exemption clause in relation to the problematic breach of trust.

Regarding this, Policy Committee Chairman Jin Seong-jun said on MBC Radio on the 22nd, "We are considering a plan to ensure that the leadership's judgments cannot be held responsible for breach of trust."

Regarding the specific plan, President Jin said, "The criminal law stipulates breach of trust in commercial affairs, and the commercial law also stipulates special offenses of breach of trust. Either it strengthens the criminal conditions in the provisions on breach of trust. two laws, or follow the Supreme Court's precedent in management. He explained, "We are considering the issue of adding a provision exempting from judgment and working on a plan to decide which would be better." The Democratic Party plans to pass the amendment to the commercial law at the earliest during the regular session of the National Assembly, and its position is that it will also introduce specific legislation on breach of trust as soon as possible.

The business community and the ruling party believe that in order to "protect the interests of shareholders," "tweezers" regulations should be established through a revision of the Capital Markets Law. In response, President Jin said, "It is also necessary to revise the Capital Markets Law," adding, "(However), that is, to stipulate that the interests of minority shareholders are not harmed in corporate valuation issues for specific cases." In some cases, there are many calls for a revision of the commercial law. "We must ensure that ordinary shareholders can also exercise their rights and authority as shareholders," he stressed.

President Jin also criticized the ruling party's position on the revision of the trade law as ambiguous. He said, "The president has already publicly stated that a revision of the trade law is necessary and told us to prepare quickly, and during the National Assembly audit, we asked Deputy Premier of Economy and Finance Choi Sang-mok whether he was preparing a revision of the trade law, and he replied, 'We are preparing.' So when will the revision of the trade law be necessary?" "When I asked if it would be published, he replied, 'It won't be? It takes time, it will come out soon,'" he stressed.

The current debate over revising the business law was sparked by President Yoon Seok-yeol's announcement earlier this year that he would "push to revise the law so that the board of directors responsibly reflects the interests of minority shareholders," but it is reported that a unified plan has not been presented due to differences of opinion among ministries.

Reporter Seunghwan Kim hwan@segye.com

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Jin Seong-jun: 'We are preparing a bill to exempt breach of trust' in response to business opposition to 'commercial law revision'

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