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Proposed bill: Partial amendment to the Product Liability Act
Proposed by Rep. Joo Ho-young (People Power Party)
● Consumers often find it challenging to prove that damages were caused by a product defect due to the information asymmetry between manufacturers and consumers. This amendment proposes to ease the burden of proof on consumers by considering a product defective and the cause of damage if the victim can prove that such damage occurred while the product was being used normally.
Proposed bill: Carbon Tax Act
Proposed by Rep. Yong Hye-in (Basic Income Party)
● To align Korea’s carbon tax laws with its greenhouse gas reduction targets, this bill imposes a carbon tax on greenhouse gas emissions throughout the carbon emission process. It also specifies the carbon tax rate as 80,000 won ($60) per ton of the equivalent amount of carbon dioxide emissions.
Pending bill: Act on Corporate Governance for Listed Companies
Proposed by Rep. Kim Nam-geun (Democratic Party of Korea), Rep. Shin Jang-sik (Rebuilding Korea Party) and Rep. Han Chang-min (Social Democratic Party)
● As part of the government’s initiative to enhance corporate value and revitalize Korea’s stock market, this bill expands the director’s fiduciary duties, mandates at least one-third of the corporate board to be comprised of independent directors, introduces a cumulative voting system for listed companies with assets exceeding 2 trillion won, restricts excessive executive pay and increases shareholder returns.
Promulgated bill: Enforcement decree of the Electronic Financial Transactions Act
Competent authority: Financial Services Commission
● The Electronic Financial Transactions Act has been amended to require prepayment service providers to manage prepaid deposits through a prepaid deposit management agency. Accordingly, this bill stipulates matters required to implement this act, such as the methods for the separate management of prepaid deposits, reasons for exceptional transfer of prepaid deposits, etc.
Administrative announcement: Partial amendment to the Enforcement Rule of the Motor Vehicle Management Act
Competent authority: Ministry of Land, Infrastructure and Transport
● Public concern has increased over the safety of electric vehicles due to recent fire accidents. Therefore, this amendment requires car manufacturers to disclose battery and battery cell information to car purchasers.
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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.
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For any queries about the bills, contact cr@draju.com
