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Legislation & Government Relations Consulting Center 2021-05-31
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P&B Report – May 2021 Issue

DR & AJU Legislation & Government Relations Consulting Center’s latest issue of its specialized legislative journal, the Policy & Business Report, is now available in digital format.

The National Assembly’s move to tighten the Serious Accident Punishment Act(“SAPA”) and ESG requires businesses to take proactive action. 


On May 31, 2021, the Legislative Strategy Center (represented by Head of the Center Dong Eon CHA) of DR & AJU LLC (represented by Managing Partner Kyu Chul LEE) released the May 2021 issue of the specialized legislative journal, the Policy & Business (P&B) Report.

Mr. Dong Eon CHA, head of the Legislative Strategy Center, stated,
“As a result of the frequent deaths due to industrial accidents, an amendment bill to the SAPA that strengthens punishment has been proposed in the National Assembly, and a bill that mandates listed companies to disclose environment information has also been passed.” He further suggested, “Businesses must consider ESG as a prerequisite for their management.”
 
Tahney LEE, a lawmaker from the Democratic Party of Korea, representatively proposed an amendment bill that regulates the minimum fine to KRW 100 million and requires judges to consult with experts before imposing fines. In addition, starting next year, listed firms with a total asset of KRW 2 trillion or more must disclose their environmental information under the revised Environmental Technology and Industry Support Act.

Mr. Seung Cheol LEE, a Senior Advisor at DR & AJU, stated, “As of the hosting of the P4G Seoul Summit in 2021 and the launch of the 2050 carbon neutrality committee, it is expected that a concrete and feasible roadmap for carbon reduction will be presented.” He added, “Businesses must go beyond announcing their adoption of ESG management practices and actively facilitate change.”

As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business Report since August 2019. Based on a comprehensive evaluation of the legislation proposed to the National Assembly Subcommittee, Standing Committee, and Plenary Session from June 15, 2021 to July 14, 2021, the July 2021 issue of the P&B Report selects and analyzes legislation that significantly impacts corporate activities. Especially for major Acts, key quotes from legislators, members of the Standing Committee, and government officials are included.

Mr. Kyu Chul LEE, the Managing Partner of DR & AJU, said, “DR & AJU established the ESG Advisory Group to provide corporate clients advice on ESG regulations and risk management, including the Serious Accident Punishment Act.” Mr. Lee stressed, “As ESG, including industrial safety, has evolved into a matter of survival for corporates, DR & AJU has fully prepared the necessary resources and staff to offer corporations effective and comprehensive ESG consultation.


*Please download the PDF file for further information. (Korean)