As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
If you wish to subscribe to the P&B Report or have any other queries, please contact us at lc@draju.com.
1. Proposed Bill(s)
① Partial Amendment to the Product Liability Act
This Amendment states that a product is presumed to have been defective at the time of supply and that the defect caused the damage if the injured person can prove that the damage occurred while the product was being used in a normal manner.
② Carbon Tax Act
This Bill imposes a carbon tax on greenhouse gas emissions throughout the carbon emission process and specifies that the carbon tax rate shall be KRW 80,000 per a ton of CO2 equivalent.
2. Pending Bill(s)
③ Act on Corporate Governance for Listed Companies
This Bill expands the directors’ fiduciary duty, mandates at least one-third of the board of directors to be comprised of independent directors, mandates a cumulative voting system for listed companies with assets worth over KRW 2 trillion, restricts excessive remuneration for corporate executives, and enhances shareholder return by setting a reasonable dividend payout ratio.
3. Promulgated Bill(s)
④ Enforcement Decree of the Electronic Financial Transactions Act
This Bill mandates that the total amount of prepaid deposits shall be managed through a prepaid deposit management agency using methods such as trust, deposit, or payment guarantee insurance.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Rule of the Motor Vehicle Management Act
This Amendment requires car manufacturers and importers to provide information on batteries and battery cells to consumers when selling cars.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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