As the first-ever Korean law firm to issue specialized legislative journals, DR & AJU LLC has been publishing the monthly Policy & Business (P&B) Report since August 2019. The P&B Report provides analyses of plenary sessions of the National Assembly, as well as standing committee and subcommittee meetings. In addition, the firm has been co-hosting the Future Leaders Forum with the Herald Business, inviting chairpersons of standing committees to discuss relevant legislative issues and tasks.
 
As an extension of this service, DR & AJU has also been issuing the Weekly Legislative Report, which covers various legal issues at the center of public debate along with editorials and columns on the Serious Accidents Punishment Act (“SAPA”) from major daily news outlets. The report will be released with an update on newly proposed or pending bills. Enclosed is this week’s legislative report, and please refer to the P&B Report for further details.
 
If you wish to subscribe to the P&B Report or have any other queries, please contact us at lc@draju.com.
 
 
1. Proposed Bill(s)
 
① Partial Amendment to the Labor Standards Act
 
This Amendment extends the maximum application period for flexible and selective work hour systems to one year. It also allows the labor and management to choose the unit period for calculating extended work hours from weekly, monthly, quarterly, semi-annual, or annual options.
 
② Special Act for the Promotion of the Artificial Intelligence Industry and Advancement to Global Leadership

This Bill provides for the formulation of a strategic plan to enhance AI industry competitiveness; the support for the designation and operation of AI mega clusters; the strategic designation, demonstration, and dissemination of new AI technologies; the implementation of talent development policies to secure young, local, and foreign experts; and the designation of AI data center special zones and expansion of related infrastructure.

2. Pending Bill(s)
 
③ Partial Amendment to the Commercial Act

This Amendment expands the scope of directors’ duty of loyalty from solely the company to both the company and its shareholders. It also limits the voting rights of the largest shareholder to 3% in the appointment of audit committee members.
 
3. Promulgated Bill(s)
 
④ Enforcement Decree of the Community Credit Cooperatives Act
 
This Bill requires large-sized credit cooperatives with total assets of KRW 800 billion or more to appoint a full-time auditor. It also specifies that credit cooperatives with assets equal to or greater than KRW 300 are subject to mandatory audits by external auditors each fiscal year.

4. Bill(s) Undergoing Pre-Announcement of Legislation/Administration

⑤ Partial Amendment to the Enforcement Decree of the Personal Information Protection Act

This Amendment expands the scope of data transmitters (personal information controllers) and transmissible data to cover all industries, which were previously limited to the medical and communications sectors.

5. Serious Accidents Punishment Act ("SAPA") Related Editorials and Columns from Major Dailies
 
[News 1] Labor Ministry Launches Inspections Over 60,000 Workplaces Vulnerable to Heatwaves and Heavy Rain to Prevent Industrial Accidents
[The Chosun Ilbo] Labor Minister Nominee Stresses Need for Structural Overhaul to Eradicate Serious Accidents

*For more details, please download the PDF file attached.