(123rf)
(123rf)

Proposed Bill: Partial Amendment to the Framework Act on Supply Chain Stabilization Support for Economic Security

Proposed by Rep. Kim Sang-hoon (People Power Party)

● To enable swift response during a supply chain crisis, this amendment introduces penalty provisions for market disturbance practices, such as cornering and hoarding, and violations of emergency supply and demand adjustment measures.

Proposed Bill: Hydrogen and Hydrogen Compound Business Act

Proposed by Rep. Lee Jong-bae (People Power Party) and Rep. Jung Tae-ho (Democratic Party of Korea)

● As Korea transitions into a hydrogen economy, this amendment establishes regulations to ensure the stable operation and management of hydrogen businesses and promote fair competition in the hydrogen market.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Lee Jung-mun (Democratic Party of Korea)

● This amendment strengthens the protection of shareholders’ interests by expanding the scope of the corporate directors’ fiduciary duty to include the interests of all shareholders. It also mandates cumulative voting in large listed companies, expands the separate election of audit committee members and introduces provisions for electronic shareholder meetings.

Promulgated Bill: Enforcement Decree of the Housing Act

Competent Authority: Minister of Land, Infrastructure and Transport

● This bill eases construction restrictions for urban residential housing, allowing it to be developed as small to medium-sized apartment buildings with five floors or more with a maximum floor area of 85 square meters.

Administrative Announcement: Partial Amendment to the Rules on Occupational Safety and Health Standards

Competent Authority: Ministry of Employment and Labor

● This amendment requires business owners to provide workers with a 20-minute break every two hours during heat waves when the apparent temperature of the workplace reaches 33 degrees Celsius or higher. Noncompliance may result in penalties, including imprisonment for up to five years.

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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.

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For any queries about the bills, contact cr@draju.com