“Multi-faceted review of ripple effects”... Daeryun, commercial law revision/yellow envelope law seminar successfully completed

Daeryun Law Firm announced on the 4th that it successfully completed a seminar on the theme of 'Commercial Act Amendment and Yellow Envelope Act Response Strategy' held at the Daeryun Seoul Headquarters Branch Office on the 3rd.

This seminar was prepared to examine the core issues of the Commercial Act Amendment Bill and the Labor Union and Labor Relations Adjustment Act, also known as the 'Yellow Envelope Act', which passed the National Assembly threshold in July and August, and to explore practical response strategies for companies.

The seminar was held both online and offline, and was attended by about 100 people in charge and practitioners from related industries, including the finance industry, construction industry, service industry, and cargo industry.

In this seminar, which was divided into two sessions, attorney Daeryun Bang In-tae (41st class of the Judicial Research and Training Institute) and attorney Ho Gyu-chan (36th class) appeared as presenters. In the first session, attorney Bang In-tae introduced the main contents and impact of the Yellow Envelope Act. Attorney Bang pointed out key issues contained in this amendment, such as expanding the scope of parties to collective bargaining for employers, limiting claims for damages due to industrial action, and expanding the negotiation agenda, and explained the risks that companies may face after the law goes into effect.

He advised, “The revised Labor Union Act contains many contents that can significantly shake up existing labor-management relations practices,” and added, “The most important thing is to educate all executives and employees so that they can fully understand the contents of the revised law and strengthen trust and cooperation between labor and management.”

In the second session, attorney Ho Gyu-chan presented the main contents and significance of the commercial law amendment. Attorney Ho analyzed in detail major amendments such as expansion of directors' duty of loyalty, improvements to the outside director system of listed companies, expansion of the 3% rule, and introduction of electronic general shareholders' meetings, and presented practical directions for responding to changes in corporate governance.

Attorney Ho explained, "With this amendment, it appears that there will be many changes in corporate management, such as expanding the scope of the director's duty of loyalty beyond the company to protecting the interests of total shareholders. However, as issues such as what the interests of total shareholders are remain, it appears that close observation and analysis of future precedents, judgments of investigative agencies, and authoritative interpretations of the Ministry of Justice will be necessary."

Daeryun CEO Kim Kook-il said, "This seminar was an opportunity to look at the institutional changes resulting from the two amendments and examine their ripple effects from various angles. I hope it will provide meaningful insight in preparing for the coming environment and serve as an important milestone in predicting the future of each company."
 

Reporter Park Jun-sik (parkjs@wowtv.co.kr)

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