South Korea's Financial Services Commission, led by Chairman Kim Byoung-hwan, opposes proposed amendments to the Commercial Act that aim to strengthen corporate boards' fiduciary duties to all shareholders.

The regulator argues that these changes could have unintended consequences, affecting not only large corporations but also smaller and non-listed companies.

Investors have been pushing for these legal changes to address the perceived undervaluation of the South Korean stock market. However, the commission's stance raises concerns about the broader implications of expanding fiduciary responsibilities, suggesting that the proposed reforms may not be beneficial for the overall corporate landscape in the country.