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 Framework Act on the Construction Industry
This Amendment requires the carbon footprint per tonne of major construction materials and building components to be indicated on a signboard permanently installed after the completion of construction work and strengthening administrative fines for non-compliance with corrective orders.
② Partial Amendment to the Financial Investment Services and Capital Markets Act
This Amendment specifies that when newly issued stocks are publicly offered to list a company established through a split, at least 50/100 of the stocks must be preferentially allocated to the minority shareholders of the parent company.
2. Pending Bill(s)
③ Partial Amendment to the Commercial Act
This Amendment expands the scope of directors' duty of loyalty towards the "company" to encompass both the "company and shareholders." It introduces a provision prescribing that "a director shall protect the interests of all shareholders when performing their duties and shall treat all shareholders' interests equally.”
3. Promulgated Bill(s)
④ Enforcement Decree of the Building Act
This Bill classifies buildings with flat slab structures that meet specific requirements as buildings with unique structures and requires supervisors of construction works involving buildings with unique structures whose underground floor is a flat slab structure to prepare and submit an interim supervision report.
4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration
⑤ Partial Amendment to the Enforcement Decree of the Framework Act on Intelligent Informatization
This Amendment mandates the assignment of staff assistants to ensure the convenient use of unmanned kiosks installed in stores by persons with disabilities and senior citizens.
5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
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