Proposed Bill: Partial Amendment to the Act on Appraisal and Certified Appraisers

Proposed by Rep. Moon Jin-seog (Democratic Party of Korea)

  • This bill would penalize financial institutions’ "self-appraisal” practices. It would impose a fine of up to 30 million won ($20,200) for violations of the obligation to entrust appraisal work to an authorized appraisal corporation.

Proposed Bill: Partial Amendment to the Act on Corporate Governance of Financial Companies

Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)

  • This bill would require a special resolution of the general meeting of shareholders for the consecutive reappointment of a financial holding CEO, with a quorum of at least one-third of the total voting shares and the affirmative vote of at least two-thirds of the shares represented at the meeting.

Pending Bill: Special Act on the Construction Safety

Proposed by Rep. Moon Jin-seog (Democratic Party of Korea)

  • The bill would impose a penalty surcharge of up to 3 percent of sales or a business suspension of up to one year on construction companies in cases of repeated fatal accidents caused by negligence in safety obligations, with the penalty surcharge capped at 100 billion won.

Promulgated Bill: Occupational Safety and Health Act

Competent Authority: Ministry of Employment and Labor

  • This bill requires certain large corporations and public institutions to disclose their safety and health management systems and industrial accident records, and ensures employee representative participation in risk assessments.

Administrative Announcement: Partial Amendment to the Enforcement Rule of the Clean Air Conservation Act

Competent Authority: Ministry of Climate, Energy and Environment

  • The draft amendment would expand the scope of businesses subject to fugitive dust emission reporting requirements to include facilities used by sensitive groups, such as children and senior citizens, and mandate the use of the roller painting method for exterior painting on such facilities.

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The Korea Herald republishes a weekly legislative report by local law firm D&A LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.