President Lee: "Legislation to cancel treasury shares must be passed as soon as possible"

President Lee Jae-myung said on the 25th in a post on his X (formerly Twitter) that he hopes legislation to cancel treasury shares “will be done as soon as possible, even by a moment,” adding that “there is a mountain of work to do, including a law to prevent stock-price suppression.” A third amendment to the Commercial Act—centered on mandating the cancellation of treasury shares—has already been placed on the agenda for a plenary session of the National Assembly.

He wrote this while attaching an article titled, “When coincidences continue, is it intent?… Ruling party abuzz as the president is pushed to the sidelines.” President Lee said, “Most companies accept it, and the public and shareholders welcome it—yet they stay up late into the night opposing this reform legislation to the extreme. They may have their reasons, but it is not easy to understand,” adding, “The days are short, but the road ahead is long.”

He said, “Excessive worries are called needless anxiety,” and added, “The party should do the party’s work, and the presidential office should do the presidential office’s work well.” He continued, “There has been no instance of the president being pushed aside, nor have I ever felt that way.” He also wrote, “Despite various obstacles such as the opposition party’s all-out struggle, the Democratic Party is doing its utmost to carry out the work entrusted by the public,” adding, “There is absolutely no shortfall—not only in reform legislation but also in supporting the government.”

President Lee wrote, “As I always emphasize, what matters more than formality or ceremony is results and performance that people can actually feel,” adding, “The best support for the government is for the ruling party to do what it needs to do well.”

Reporter Kim Hyung-gyu khk@hankyung.com