South Korea’s National Assembly on Thursday passed a bipartisan amendment to the Commercial Act aimed at enhancing shareholder rights and improving corporate transparency. The legislation, approved by a vote of 220-29 with 23 abstentions, expands the legal obligations of corporate directors, limits voting rights of controlling shareholders in audit committee elections and requires listed companies to hold electronic shareholder meetings and enable remote voting.

The revisions represent the first major legislative achievement of the Lee Jae-myung administration and revive a bill that was vetoedearlier this year by then-Acting President Han Duck-soo under the previous government. Lawmakers agreed to include