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The opposition of the opposition to the business world is tough on whether the opposition parties facing the case will manage to negotiate with the ‘3 Fair Economy Law’. Economic organizations are making a joint statement, meeting with ruling and opposition leaders and urging them to “listen to the business world.” The economic media continue to criticize that it is not the ‘3 Law of Fair Economy’ but the ‘3rd Law of Corporate Regulation’.
The Third Fair Economy Law is a partial amendment to the Commercial Law, all the amendments to the Fair Trade Law and the enactment of the Financial Group Supervision Law presented by the government to the National Assembly on the 31st of last month. The Commercial Law is a ‘multi-representative lawsuit’ in which shareholders of the parent company (more than 1/100 of the total number of shares issued) can bring a lawsuit against the director of a subsidiary who has caused damage to the company . Instead of selecting an auditor from among the directors, a member of the audit committee is selected separately from The main point is the introduction of the system of “separate election of the members of the audit committee” that strengthens independence.
The Fair Trade Law abolished the exclusive indictment system (criminal penalty only when a complaint is filed by the Fair Trade Commission) so that the prosecutor can directly prosecute serious and obvious joint actions such as pricing and bidding, and the number total shares is 30 Where it is above%, it expands above 20%. In the case of the Financial Group Supervision Act, a “ financial group ” with a total asset of 5 trillion won or more is legally designated, an internal control and risk management organization is established and operated, and must follow the finance committee’s order to present a management improvement plan.
The governing and opposition leaders agree on the need for the 3rd Fair Economy Law. Not only the ruling Democratic Party, but also Kim Jong-in, chairman of the People’s Power Emergency Response Committee, who has made “economic democratization” a task of his life, also agree with the bill. Regarding the opinion of the internal opposition of the people, President Kim said: “Some of the content can be corrected in the discussion process, but the Third Law itself should not be rejected.” “Since there are a lot of legislators, I don’t think it’s very important to raise objections.” . Democratic Party Chairman Lee Nak-yeon, who was elected in August, has been emphasizing “the power of the people and legislating common tasks” right after taking office.
The day after Kim Tae-nyeon, Speaker of the House of Representatives, officially announced the ‘Treatment of Fair Economy Act 3 during the Ordinary Assembly’ (22), President Park Yong-man visited the Yeouido National Assembly in Seoul and met with representatives of opposition parties in turn. In meeting with CEO Nak-yeon Lee, Chairman Park said: “It is true that companies are in a difficult situation where life or death is in a difficult situation, but the number of laws that imprison companies is increasing. do. Open a discussion forum. “Previously, six organizations of women entrepreneurs, including the National Federation of Entrepreneurs, also stated in a joint statement on the 16th:” The government amendment to the Commercial Law and the Fair Trade Law pending in the The National Assembly seriously imprisons the commercial activities of the companies. “I hope to be reflected.”
The economic media denominate the ‘3 Law of Fair Economy’ as the ‘3rd Law of Corporate Regulation’. From 1 to 22, where Lee emphasized ‘promoting joint projects’, only the articles published on paper in the two main economic magazines amounted to 32 articles for the Korean economy and 29 for the Maeil economy. In particular, the Korean economy is △ Danking for domestic flights, a long-term battle for foreign flights … What is undermining the attractiveness of the Korean stock market? (1st) △ The crime of doing business in Korea (2nd) △ A desperate appeal that “Law 3 of Equity is a killer virus for companies” (12th) △ Kim Jong-in added to the ‘Commercial and Just Law 改 惡 ‘, The business crisis is not visible (16) △ 104 members of the People’s Power agree with the’ Law of the Three Anti-companies ‘(19) △ A’ Law of Regulation of the Three Societies’ opposite, President Kim Jong-in (22), etc. Editorials putting pressure on popular power were published daily.
The secondary effect argued by economic groups and the media is the logic that Law 3 unfairly regulates and undermines business management. On the 8th, Maeil Economic Daily (the National Assembly that breaks the freedom to do business … and gives wings to speculative capital) △ Amendment ignores the independence of corporations and infringes on the rights of shareholders of subsidiaries △ Speculative capital abusive, such as controlling companies without spending large amounts of money. △ Although the principle of election of the management by majority vote based on ownership interest is the basis of the corporation system, the exercise of the property rights of the largest shareholders is regulated △ There is concern that the activities management are reduced due to duplicate or separate investigations by prosecutors, and competitors and civic groups are specialized It was presented based on the possibility of prosecutions and charges, such as indicting companies to the prosecution without review.
Democratic Party lawmaker Park Yong-jin, who has consistently advocated for corporate governance reform, defined these concerns as “the sophistry of the conservative media and the vested interests of the chaebol.” Representative Park said on a Facebook page on the 21st: “This law does not imprison companies, but rather aims to prevent the ‘unlimited abuse of power’ by the bosses of some companies, which undermines corporate profits and it alters the order of the market, like an unrequited colt. Rather, this Third Law of Fair Economy is a law favorable to business and market order that conforms to the world standard. “He argued:” Even if some of the conservative media are run by individual owners, it is obviously false if they distort the intent of these laws to “limit the abuse of unrestricted power by some owners.”
Representative Park said, “If a publicly traded company operating by receiving investments from a large number of people fails, the damage will extend not only to investors, but also to numerous related companies.” “The internal share of the total number of conglomerates in the chaebol group to which 292 companies belong is The average is 3.6%. The companies that represent the majority of the Korean economy are run by the total family with only 3, 6% ownership. In other words, it is irrational and undemocratic because 96.4% of the interests of other investors are ignored. ”Taking as an example the suspicion of the vice president of Samsung Electronics, Lee Jae-yong, of the illegal merger of Samsung C&T and Cheil Industries, “Under the leadership of Jae-Yong Lee, who has no shares in Samsung C&T, it is absurd that the management and the board of directors of Samsung C&T took the initiative for the individual benefit of unjust corporate domination “.
He continued: “The core content of the trade law amendment were the promises of candidate Park Geun-hye in 2012, and the laws that Justice Minister Hwang Kyo-an even made a legislative notice. He pointed out that the side of popular power 8 years ago is now going to review the bill promised to the people, but the objection is silly. Additionally, “Unfortunately, the government trade law amendment bill that passed this state council meeting does not have the intensive voting system. Park Geun-hye also promised, and along with the Democratic Party bill, it is surprising that the ‘central voting system’, which was also in President Moon Jae-in’s promise, has disappeared from the government bill. . She emphasized that it is necessary to approve the missing ‘central voting system’ with a sense of responsibility to complete it. “
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