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The People's Power urged the Democratic Party of Korea to stop its push for a revision to the commercial law, accusing it of a "political show for the presidential election of representative Lee Jae-myung."

Kwon Young-se, chairman of the People's Power Emergency Response Committee, held a meeting with eight economic organizations, including the Korea Business Association, at the National Assembly on the morning of the 26th and said, "(The amendment to the commercial law) is a twisted law that violates corporate autonomy and prevents companies from developing future-oriented business plans," adding, "It is a malicious bill that interferes with the foundation of the free market economic order by weighing only political votes."

Chairman Kwon continued, "Chairman Lee, who imitated a clumsy moderate conservative saying that corporate growth is everything to economic growth, showed his true colors of anti-market and anti-business with the revision of the Commercial Act," adding, "Our economy and our companies should not be used as a spark for the Democratic Party and Lee's presidential political show."

Kwon Sung-dong, floor leader of People's Power, also stressed, "The wrong behavior of companies in the financial market must be corrected," adding, "The so-called split listing and unreasonable physical division have been pointed out as factors that not only damage shareholder value but also hinder the growth of the Korean stock market."

Floor leader Kwon also criticized, "We are pushing for a revision of the commercial law that affects all more than 1 million companies, saying that we are solving more than 2,500 listed companies," adding, "Mess is putting an axe to surgery that is necessary."

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"The only purpose of representative Lee's contradictory behavior is the election," he said. "It is to target the middle class by shouting growth and actually appease the left-wing forces by overusing regulations."

Kim Sang-hoon, chairman of the People's Power Policy Committee, also urged the opposition to participate in the discussion of the Capital Market Act proposed by the government and the ruling party, saying, "It is the role of the National Assembly to lay the foundation for co-prosperity, whether it is businessmen, workers, directors of corporations or shareholders."

"If the scope of directors' duty to be faithful is expanded to shareholders, directors will not be able to make normal management decisions as they suffer from threats of lawsuits such as breach of trust," said Kim Chang-beom, vice chairman of the Korea Economic Association. "Companies will hesitate to make bold investment decisions, mergers and acquisitions, and R&D because they are afraid of shareholders' lawsuits for falling stock prices, making it difficult to secure future food."

Eight economic organizations, including the Korea Chamber of Commerce and Industry, the Korea International Trade Association, the Korea Federation of Small and Medium Businesses, the Korea Listed Companies Association, the Korea Employers Federation, the Korea Federation of Small and Medium Business, and the KOSDAQ Association, delivered proposals to the ruling and opposition parties to revise the capital market law instead of unreasonable commercial law revision.

On the 24th, opposition parties, including the Democratic Party, voted on an amendment to the Commercial Act, which would expand the scope of directors' duty of loyalty from the company to shareholders, at the Legislation and Judiciary Committee's bill review subcommittee of the National Assembly. It will be handled at the plenary session on the 27th, but the people's power will ask Acting President Choi Sang-mok and Minister of Strategy and Finance to exercise the right to request reconsideration when the bill is passed.