Overview

• DP floor leader Kim Byung-ki announced the policy at a Sept. 30 task force meeting attended by the finance and justice ministers.
• Finance Minister Koo Yun-cheol said minor administrative violations would be converted into fines and financial liability for companies would be strengthened.
• Leaders pledged to maintain tools to punish serious economic crimes even as they scale back criminal exposure for ordinary corporate activity.
• The initiative responds to business concerns following a Commercial Act amendment that expanded directors’ fiduciary duties to all shareholders.
• Major business lobbies, including the KCCI and FKI, welcomed the plan, which now heads into legislative drafting and debate.