Minjoo proposes amendments to the Commercial Act to "expand to shareholders obligated to faithfully serve as directors."

In addition, the Democratic Party of Korea proposed a revision to the Commercial Act with the main content of advancing the stock market, strengthening transparency, and expanding shareholder rights.

The amendment to the Commercial Act includes provisions to expand directors' duty of loyalty from the existing "company" to "company and shareholders" and to treat the interests of all shareholders fairly when performing their duties.

It also included introducing a concentrated voting system in the process of appointing directors of large-scale listed companies and changing the name of outside directors to "independent directors" to strengthen fairness and transparency in decision-making.

However, eight economic organizations, including the Korea Business Association, the Korea Chamber of Commerce and Industry, the Korea Federation of Small and Medium Business, and the Korea Employers Federation, are protesting the move to revise the commercial law, calling it the "Foreign Speculative Capital Eating and Running Act."