South Korea's financial regulator head has once again called for changes in the Commercial Act to safeguard investors and promote capital market advancement, Yonhap News Agency reported Thursday.
The Financial Supervisory Service (FSS) governor Lee Bok-hyun asked the ruling Democratic Party and other parties to again vote on the Commercial Act's revision proposal, the report said.
Acting President Han Duck-soo previously vetoed the bill that looked to extend corporate directors' fiduciary duty to the shareholders and not just to the company itself, according to the report.
The parliament will cast a revote for the bill, the report said.
Lee said the bill should not face a veto as it would support market health and fairness over time, the publication said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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