Acting President vetoes Commercial Act revision adding "shareholders" to directors' duties

Acting President Han Duck-soo has vetoed an opposition-led revision to the Commercial Act that sought to broaden board duties to shareholders.

At a Cabinet meeting earlier on this Tuesday Han added the expansion of corporate board members' duty to all shareholders could create chaos by disrupting decision-making procedures.

He instead called for more in-depth discussions on the matter before seeking reform.

The opposition for its part has claimed the revision would force directors to act within the company's best interests while the ruling party insists the revision would hinder corporate innovation.