Mandatory ‘Share Buyback Cancellation’ Bill Passes Committee
A bill mandating the cancellation of treasury stocks has successfully passed the legal subcommittee of the National Assembly in South Korea.
On the 20th, a significant revision to corporate law, centered around mandating the cancellation of treasury stocks, passed through the legal subcommittee of the National Assembly's legislation and judiciary committee in South Korea. During a meeting of the subcommittee, which saw attendance from eleven members, the proposal was voted on and accepted with a tally of 7 in favor to 4 against, indicating a division among the members of the national assembly. Key figures included six members from the ruling Democratic Party and a member from the Justice Party supporting the bill, while all four opposing votes came from the leading opposition party, People Power.