Advancing Legislation in South Korea: A Closer Look at Proposed Amendments and Bills
Key Ideas
  • Proposed amendments target market stability during crises and aim to ensure fair competition in the hydrogen industry.
  • The bill on corporate governance enhances shareholder protection by broadening fiduciary duties and introducing cumulative voting.
  • Legislation for easing construction regulations may facilitate urban residential development with a focus on medium-sized apartment buildings.
  • New safety standards mandate breaks for workers during extreme heat to prevent health risks and ensure labor welfare.
The legislative landscape in South Korea is experiencing notable developments with proposed amendments and bills aimed at enhancing various sectors. In response to supply chain crises, a proposed amendment to the Framework Act on Supply Chain Stabilization Support for Economic Security introduces penalty provisions for market disturbance practices, while another bill seeks to regulate hydrogen businesses to support the nation's transition to a hydrogen economy. Additionally, a pending amendment to the Commercial Act focuses on strengthening shareholder protection through expanded fiduciary duties and cumulative voting mechanisms. On the urban development front, a promulgated bill eases construction restrictions, allowing for the development of small to medium-sized apartment buildings in urban areas. Furthermore, an administrative announcement on occupational safety and health standards mandates breaks for workers during heat waves to prevent health risks. These legislative efforts reflect a positive sentiment towards bolstering economic security, business regulation, shareholder rights, urban development, and occupational safety in South Korea.
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