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 Commercial Act
 
This Amendment aims to enable companies to protect themselves from threats such as technology leakage and disputes over corporate control by introducing shareholder rights plans (poison pill), allowing the issuance of dual-class shares, introducing veto-right shares, and codifying the business judgment rule.
 
② Partial Amendment to the Commercial Act

This Amendment mandates the immediate cancellation of treasury stocks upon acquisition and requires treasury stocks acquired before the enforcement of this Amendment to be cancelled within six months.

2. Pending Bill(s)
 
③ Partial Amendment to the Korea Development Bank Act

This Amendment aims to support companies in high-tech strategic industries—such as semiconductors, secondary batteries, biotechnology, artificial intelligence, and robotics—through the establishment of the High-tech Strategic Industry Fund, which will amount to up to KRW 100 trillion.
 
3. Promulgated Bill(s)
 
④ Telecommunications Business Act
 
This Bill repeals the Mobile Device Distribution Improvement Act, which required mobile carriers to publicly disclose the payment of mobile device subsidies and capped additional subsidies at 15 percent of the publicly announced subsidy.

4. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[Money Today] Smart Safety Technology to Prevent Serious Accidents at Small and Medium-Sized Manufacturing Workplaces
[The Korea Economic Daily] Prosecutors Seek 20-Year Sentence for CEO in Hwaseong Fire Tragedy … Highest Sentence Sought Under SAPA

*For more details, please download the PDF file attached.