(123rf)

Proposed Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Park Sang-hyuk (Democratic Party of Korea)

● Although corporate directors have a duty of loyalty toward their company, they have no legal obligations toward their shareholders. Therefore, to protect shareholders from the decisions of directors, this bill imposes a duty of fairness on directors.

Proposed Bill: Partial Amendment to the Motor Vehicle Management Act

Proposed by Rep. Han Jeoung-ae (Democratic Party of Korea)

● In light of the recent electric vehicle battery fire, this bill aims to ensure the consumers’ right to know and clarify liability in the event of an accident by adding information on the battery manufacturer and model to the disclosure requirements of EV manufacturers.

Pending Bill: Special Act on the Expansion of the National Power Grid

Proposed by Rep. Kim Sung-won (People Power Party)

●Expanding the national power grid has become imperative to bolstering national competitiveness in the semiconductor industry. Therefore, this bill proposes to implement support policies and systems for power grid construction.

Promulgated Bill: Unfair Competition Prevention and Trade Secret Protection Act

Competent Authority: Intellectual Property Office

● This bill allows parties involved in an unfair competition investigation to request the inspection or copying of relevant materials. It also strengthens punishment for the infringement of trade secrets and confiscates items used in trade secret violations.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on Promotion of Transition to Circular Economy and Society

Competent Authority: Ministry of Environment

●Following the amendment of the Act on Promotion of Transition to Circular Economy and Society, this bill defines the scope of products and distributors subject to the act and specifies the scope of products that must comply with the act’s criteria for repair and sustainable use.

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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