Commercial Act of South Korea
The concept of directors' fiduciary duty of loyalty was introduced into the statute in the Commercial Act and was imposed as a statutory obligation of directors of stock companies. The Commercial Act also newly included the concept of de facto directors liable for damages under certain circumstances.  This enabled the Commercial Act to enhance managerial accountability by holding "owners", who do not hold any official corporate directorship, liable for mis-management and misconduct. Additionally, through the introduction of the shareholder proposal rights, the status of minority shareholders improved, securing the opportunities of minority shareholders to propose certain issues to the board of directors and the general shareholders' meeting.