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Feb. 20 (Asia Today) — A National Assembly subcommittee on Thursday approved a third revision to South Korea’s Commercial Act that would in principle require listed companies to cancel repurchased shares within a year, shifting key decisions from boards to shareholders.

The bill cleared the Legislation and Judiciary Committee’s Bill Review Subcommittee No. 1. It sets a one-year deadline for canceling newly acquired buyback shares and gives companies six months to comply for company-held shares already on their books.

Rep. Oh Ki-hyung of the Democratic Party told reporters the core change is requiring companies to decide their shares-held-in-treasury disposal plans at an annual shareholders meeting rather than leaving the matter to boards.

He said directors could face administrative fines of up to 50 million won ($34,500) if the company fails to cancel the shares within the required period.

Oh said the measure is not an unconditional mandate to cancel repurchased shares, arguing that companies could keep them for extended periods if they obtain approval from shareholders.

The revision also adds language allowing boards to pass resolutions on capital-reduction procedures when buyback shares acquired for specific purposes are canceled, lawmakers said.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260220010006176

Feb. 11 (UPI) — The House of Representatives narrowly passed the SAVE America Act on Wednesday, but it faces a tough sell in the Senate.

The House approved the measure on Wednesday by a vote of 218-213, with one Democrat voting in favor of the proposed law that would require voters to provide a birth certificate or passport to prove their citizenship status when registering to vote and produce a valid photo ID to vote.

“It’s just common sense. Americans need an ID to drive, to open a bank account, to buy cold medicine [and] to file for government assistance,” House Speaker Mike Johnson, R-La., told media. “So, why would voting be any different than that?”

Democrats oppose the measure, which Senate Minority Leader Chuck Schumer, D-N.Y., called “Jim Crow 2.0.”

House Minority Leader Hakeem Jeffries, D-N.Y., called the proposed voting law a “desperate effort by Republicans to distract” without saying from what.

“The so-called SAVE Act is not about voter identification,” Jeffries continued. “It is about voter suppression, and they have zero credibility on this issue.”

Rep. Henry Cuellar, D-Texas, was the lone Democrat to vote in favor of the measure, which now goes to the Senate for consideration. Rep. Chip Roy, R-Texas, sponsored the bill.

Although Senate Republicans have a simple majority in the upper chamber, they likely lack the 60 votes needed to overcome the Senate’s filibuster rule.

Senate Majority Leader John Thune, R-S.D., on Tuesday said he supports the proposed act but does not have the votes needed to change the filibuster rule to pass it with a simple majority.

The GOP controls 53 Senate seats, while Democrats control 47, including two held by independents who sit with the Senate Democratic Party’s caucus.

Some Republicans have suggested requiring a standing filibuster, which would require those opposing proposed legislation to physically engage in a non-stop filibuster instead of just announcing their intent to do so.