Korean Law in English
Laws › Enforcement Decree of the Commercial Act › PART III COMPANIES

Enforcement Decree of the Commercial Act — Article 12 (Rejection of shareholders' proposals)

상법 시행령 제12조

This English translation is based on the Korean text effective 2026-07-01. The Korean law has since been amended (current version effective 2026-07-23) — check the Korean original.

"Cases as prescribed by Presidential Decree" in the former part of Article 363-2(3) of the Act means those cases where the contents of a shareholder's proposal fall under any of the following subparagraphs:

1. Where another proposal is presented again within three years from the date on which a proposal with the same contents was rejected because it obtained merely less than 10/100 of the votes at a general meeting of shareholders;

2. Where the proposal concerns a shareholder's personal grievance;

3. Where the proposal concerns a matter that involves a right of minority shareholders obligated to hold shares in excess of a certain ratio to exercise shareholders' rights;

4. Where the proposal concerns a matter that involves the removal of an incumbent executive officer (applicable only to a listed company as defined in Article 542-2(1) of the Act (hereinafter referred to as "listed company"));

5. Where the proposal concerns a matter that the company is unable to materialize, is based on an evidently false ground, or defames a particular person.

‹ Article 11All articlesArticle 13 ›

Korean original (law.go.kr) · Get articles as JSON via API

For AI agents and developers — get this article as JSON, with the English and current Korean effective dates and an outdated-translation flag, from the korea-law API or as an MCP tool: https://mcp.apify.com?tools=kr-data/korea-law