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On the 17th, the controversy arises when Kim Jong-in, president of the Committee for Emergency Countermeasures of the People’s Power, announced on the 17th that he was in favor of the so-called ‘Third Law of Corporate Regulation’, including the Commercial Law, the Law of Fair Trade and the Law of Supervision of Financial Groups. These bills, which have been amended or enacted by the government and the ruling party, have been criticized for containing provisions against the market and against commercial toxins. President Kim said, “I believe that the current Trade Law and Fair Trade Law should be revised to protect the market order.” He also said: “It is difficult to agree that the argument that the Conservative party should represent the corporate position remains unchanged.” Businesses are frustrated and many of their legislators openly protest. It seems that the power of the people has risen to the critical test of identity on the basic principles of the market economy, such as the property rights of shareholders and corporate independence.
The separate election system and the multiple representative litigation system included in the amendment to the Commerce Act are representative issues. The provision to limit the voting rights of the majority shareholder to 3% and the separate appointment of the members of the audit committee is difficult to find in any country in the world. It is also a clause that violates the principle of equality of shareholders and violates the property rights of shareholders. Foreign hot money can be exploited to insert the individual as a corporate audit committee and extract trade secrets. The multi-representative litigation system in which a claim can be brought against a subsidiary even if only 0.01% of the parent’s shares are owned is a clause that violates the rights of the subsidiary’s shareholders, ignoring the independence of the corporation. The multiple representative trial system, which is applied exceptionally in very few countries, such as Japan, can have a litigation side effect.
Immediately within the power of the people, the former chairman of the emergency response committee, Kim Byung-joon, rebelled and said: “The amendment of the Trade Law and the Fair Trade Law should not be passed.” Still, many companies are crossing life and death as the current government raised the minimum wage and shortened working hours, resulting in bone disease and a crown 19 crisis. At the time, it is inappropriate that the conservative opposition leadership unilaterally expresses its disposition in favor of anti-market and anti-business laws without internal consensus. President Kim Jong-in said: “We will correct the irrational elements of the proposals of the government and the ruling party in the deliberation process of the National Assembly,” but it is necessary to clarify which provisions are in favor and which are opposed. Furthermore, the party must be decided through an active debate process. These critical issues that will determine the identity of the first opposition party should not be decided on the basis of the opinions of various party leaders.
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
