On August 24, 2023, the Ministry of Justice (the “MOJ”) announced partial amendments to the Commercial Act of Korea to bolster regulations on corporate governance and protection of shareholders. The major proposed amendments are: (i) grant of appraisal rights to dissenting shareholders, (ii) improvement of policies underlying the controlling shareholders’ rights to request the sale of shares and the minority shareholders’ appraisal rights, and (iii) introduction of a virtual general shareholders’ meeting system (including digitization of convocation notices for a shareholders’ meeting, shareholder voting and the meeting as a whole). The MOJ stated that the proposed amendments are expected to contribute towards developing the legal infrastructure in Korea by reinforcing the protection of shareholders’ rights and improving the business environment. The MOJ expects these amendments to be passed at the regular session of the National Assembly in September 2023 for implementation in 2024.