A proposed revision to the Commercial Act -- often referred to as the “third amendment” -- that would require companies, in principle, to cancel treasury shares they hold, was introduced at a plenary session of the National Assembly on Monday.
The bill is expected to be put to a vote Wednesday afternoon after the ruling People Power Party filed for a filibuster.
The National Assembly convened a plenary session earlier in the day and formally tabled the amendment, which is being pushed by the main opposition Democratic Party as part of efforts to improve the financial and capital market structure.
The core of the bill stipulates that companies must, in principle, retire treasury shares within one year of acquiring them.
The People Power Party has opposed the legislation, arguing that it could leave domestic firms vulnerable to hostile takeovers by so-called corporate raiders.
The ruling party requested a filibuster, with Rep. Yoon Han-hong serving as the first speaker in opposition to the bill.
The Democratic Party said it plans to end the filibuster Wednesday afternoon and proceed with a vote, citing National Assembly rules that allow a filibuster to be terminated with the approval of three-fifths of sitting lawmakers after 24 hours have passed since it began.
shinjh@heraldcorp.com
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