Seoul: South Korea's financial regulator announced plans to pursue a revision of the law aimed at enhancing protection for minority shareholders. The Financial Services Commission (FSC) stated its intention to submit a revision to the Capital Market Act to parliament this week. This revision mandates company boards of directors to safeguard shareholder rights during activities such as mergers and acquisitions, split-offs, share swaps, and asset transfers. According to Yonhap News Agency, FSC Chairman Kim Byoung-hwan revealed during a briefing that the revision will be submitted after consultations with the ruling party. The proposed changes also require publicly traded companies to disclose external evaluations related to any mergers and acquisitions. This move by the FSC is seen as a response to the opposition Democratic Party's proposal to amend the Commercial Act, which could impact all companies across the nation. The FSC emphasized that its proposed revision aims to strengthen corporate governance whil e minimizing potential drawbacks by restricting the affected entities to the 2,464 firms listed on the local stock exchange. This approach is intended to ensure a more focused impact, as opposed to the broader scope of the Democratic Party's suggested amendments.