Yulchon LLC recently hosted a seminar on the proposed amendments to the Korean Commercial Act, offering companies a roadmap to prepare for and respond to the changes. The event provided practical insights and strategies for improving corporate governance and navigating management decisions with confidence. The discussion and Q&A were expertly moderated by James Choi, Partner at FleishmanHillard Korea.
Attorney Sung Moon at Yulchon LLC emphasized, “Given the current situation where a conservative interpretation is unavoidable until precedents regarding directors’ duty of loyalty are firmly established, it is more desirable to protect the ‘golden time’ for critical business decisions by adjusting the transaction structure, terms, and procedures in the most legally permissible way, rather than delaying important decisions in pursuit of perfection.”
James Choi at FleishmanHillard Korea stated, “This recent amendment to the Commercial Act signals not just an expansion of corporate legal obligations, but a call to fundamentally reframe how companies engage with their shareholders. Companies must now be able to explain not only the outcomes of their decisions but also the transparency of the decision-making process itself. It has become more important than ever to regard shareholders as genuine partners and to establish a more structured and systematic communication framework.”
For article: https://www.lawtimes.co.kr/news/210296
