Lee vows stronger commercial law reform ahead of election

Former Democratic Party of Korea leader Lee Jae-myung on Monday pledged to reintroduce a strengthened amendment to the Commercial Act as part of his presidential campaign to revitalize South Korea’s stock market and protect shareholder rights.

Having previously underscored the need for legal reform during his New Year’s press conference, Lee has now formalized it as a key plank in his presidential platform.

In a Facebook post that morning, Lee said, “We will reactivate cumulative voting to allow the election of directors representing minority shareholders, and gradually expand separate elections for audit committee members to strengthen corporate oversight.” These measures were not included in the earlier version of the amendment, which passed the National Assembly under Democratic Party of Korea leadership but was ultimately struck down following a presidential veto and failed re-vote. The new pledge signals a more aggressive version of the original proposal.

Later in the day, Lee visited the Korea Financial Investment Association and reiterated his position: “Most of the public agrees on the need for Commercial Act reform, and it reflects economic realities. But it was blocked by Prime Minister Han Duck-soo, who was serving as acting president at the time, and the People Power Party. We must revive it as soon as possible.”

Lee’s firm stance, despite fierce opposition from the business community, appears aimed at winning over retail investors—commonly referred to as “ants” in South Korea—who are seen as a crucial voting bloc ahead of the June 3 presidential election.

Brushing off pushback from industry groups, Lee described it as “resistance from a selfish minority” and “an abuse of power by a select few.” He added, “Opaque corporate governance is one of the chronic causes of the ‘Korea discount.’ How can we expect to compete globally while bending the rules at home for unfair gain?”