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| ▲ Lawmakers vote on a motion to arrest Kang Sun-woo, a former ruling party lawmaker and currently independent, over alleged bribery during a plenary session at the National Assembly in western Seoul on Feb. 24, 2026. (Yonhap) |
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Ruling party introduces another Commercial Act revision bill, triggering filibuster from opposition
SEOUL, Feb. 24 (Yonhap) -- The ruling Democratic Party (DP) on Tuesday introduced an additional amendment to the Commercial Act aimed at requiring the cancellation of own shares, prompting the main opposition People Power Party (PPP) to launch a filibuster in protest.
The move came as President Lee Jae Myung and DP lawmakers last month shared a consensus on the need to swiftly push ahead with the bill that centers on the mandatory cancellation of own shares of listed firms, a measure widely expected to increase shareholder returns.
In response, PPP lawmakers launched a filibuster against the bill, arguing that domestic companies could be exposed to hostile takeover attempts.
A filibuster involves lawmakers holding the floor for extended periods as a way to prevent a parliamentary vote or delay the passage of a bill.
The DP, which holds a parliamentary majority, plans to pass the bill after voting to end the filibuster.
Under the National Assembly Act, a filibuster can be stopped after 24 hours if at least three-fifths of all parliament members, or 180 lawmakers, consent to it.
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