South Korea's Bold Legislative Move to Reshape Chaebols

South Korea's ruling party aims to advance a revision of the Commercial Act with a scheduled parliamentary vote on June 12, as reported by MoneyToday on Thursday.

The legislative push comes in the wake of President Lee Jae-myung's electoral promise to enact changes that would deter controlling shareholder abuses within chaebol conglomerates. This forms a key part of his campaign pledge under the 'KOSPI 5,000' initiative, designed to significantly increase the domestic stock market's value.

If successful, this legislation could enforce stronger corporate accountability, marking a significant stride in reforming the nation's economic landscape and enhancing shareholder equity.

(With inputs from agencies.)