Government officials will work to revise laws as part of efforts to push for a fair economy, one of the Moon Administration's three key economic policies to help support sustainable growth in the country.<br />Kim Hyesung reports.<br />The ruling party and the government have agreed to revise several statutes as part of efforts to accelerate the push for a so-called fair economy,... one of the Moon Administration's flagship economic policies that aims to improve corporate governance and address unfair market practices.<br />Korea's Fair Trade Commission, the ruling Democratic Party and eight government ministries including the finance ministry said Thursday they have come up with a "fair economy achievement plan" after going through negotiations.<br />Around 23 specific areas in seven categories such as corporate governance and corporate ownership will be revised.<br />"We will revise the laws so corporate board of directors and shareholder's meetings are run competitively. We will strengthen rules related to corporate disclosure and circular shareholding structures."<br />The chief policy maker of the ruling Democratic Party said the government will also revise laws to boost expertise in the National Pension Fund system and strengthen shareholder's rights through a stewardship code aimed at encouraging firms to reform their governance.<br />The government will soften so-called five percent corporate disclosure rule, in which an investor who owns five percent or more of the shares of a listed firm needs to report to the supervisory authorities when he or she sells more than one percent of the stocks.<br />In addition, there will be measures to protect consumer rights in e-commerce and finance.<br />To help level the playing field, measures will be included to improve partnerships between major conglomerates and subsidiary companies and improve payment systems for small companies.<br />The ruling Democratic Party said it will work closely with the government to pass the revisions by the second quarter of 2020.<br />Kim Hyesung, Arirang News.<br />
