The chief of the country's financial watchdog on Wednesday reiterated the need for the proposed revision of the Commercial Act, insisting it will help protect shareholders and also support the advancement of the capital market.
In a radio interview, Lee Bok-hyun, governor of the Financial Supervisory Service, said he had offered to resign, but was not accepted, after acting President Han Duck-soo vetoed the opposition-led bill on expanding the fiduciary duty of corporate directors from solely the "company" to both the "company and its shareholders."
The amendment to the Commercial Act, which was passed by the opposition-controlled National Assembly last month, was vetoed by Han at a Cabinet meeting on Tuesday and will be sent back to parliament for a revote.
Lee had stressed that the bill should not be vetoed as it would help make the country's capital market healthier and fairer in the long run. (Yonhap)
