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Prime Minister nominee Kim Min-seok takes an oath during his confirmation hearing at the National Assembly on June 24. / Photo by Lee Byung-hwa

The Democratic Party of Korea (DPK) is moving quickly to confirm Prime Minister nominee Kim Min-seok and pass amendments to the Commercial Act, after completing its parliamentary leadership lineup with the election of key standing committee chairs, including those for the Legislation and Judiciary Committee and the Special Committee on Budget and Accounts.

According to political sources on June 29, the DPK plans to pass the Commercial Act revision during the provisional National Assembly session scheduled through July 4. Floor Leader Kim Byung-ki previously emphasized the bill’s significance, saying, “The Commercial Act is crucial legislation for reaching KOSPI 5000. It will be our first priority among livelihood bills.” President Lee Jae-myung also pledged during his campaign to enact the revision within two to three weeks of taking office.

DPK spokesperson Kim Hyun-jung told reporters, “Since the change in administration and the resulting decrease in uncertainty, the stock market has risen significantly. This reflects market confidence in the new government’s commitment to addressing the undervaluation of Korea’s capital markets. We plan to leverage that sentiment and pass the Commercial Act revision during this session.”

The amendment includes a clause expanding directors' fiduciary duties from solely the company to both the company and its shareholders. The DPK is also reviewing changes to the so-called “3% rule,” which limits the voting rights of major shareholders when electing audit committee members. The business community has strongly opposed the revisions, warning they could lead to excessive litigation.

The DPK also intends to push through the confirmation of Prime Minister nominee Kim Min-seok. Although his confirmation hearings were held June 24–25, they were marred by controversy over incomplete documentation. The opposition People Power Party (PPP) continues to oppose his nomination, and PPP Floor Leader Song Eon-seok has announced plans to hold a “public hearing” on June 30.

With no additional confirmation hearings scheduled before the June 29 deadline, the official hearing report is unlikely to be adopted. Given its parliamentary majority, the DPK is expected to confirm Kim’s nomination unilaterally.

Moon Jin-seok, the DPK’s deputy floor leader for operations, said on KBS Radio’s “Sunday Diagnosis Live,” “The opposition demanded Kim’s resignation even before the hearings began. Most of the allegations against him were addressed during the hearings. We plan to hold a plenary session on July 3 to approve both the supplementary budget and the prime minister’s confirmation.”