Rep. Lee Jae-myung, left, leader of the main opposition Democratic Party of Korea (DPK), speaks to Korea Federation of SMEs Chairman Kim Ki-mun, right, during a meeting between the DPK's leadership and heads of business associations at the National Assembly in Seoul, Thursday. Korea Enterprises Federation Chairman Sohn Kyung-shik is seated between the two in this photo. Yonhap

Fears are growing among businesspeople in Korea about the opposition bloc's proposal of bills unfavorable to companies, as President Yoon Suk Yeol was suspended from his duties following the impeachment motion passed by the National Assembly on Saturday over his short-lived martial law on Dec. 3 and 4.

While acting President and Prime Minister Han Duck-soo has been urged to exercise his veto rights against the proposed antibusiness regulations, businesspeople have also asked opposition lawmakers to reconsider their proposals.

However, it remains uncertain whether Han and the main opposition Democratic Party of Korea (DPK) will accept the requests under the current political landscape.

Among the multiple controversial bills, a proposed revision to the Act on Testimony and Appraisal before the National Assembly is currently the biggest concern among businesspeople.

Passed by the opposition-controlled Assembly on Nov. 28, the new law is intended for lawmakers to prohibit companies from refusing to submit documents including trade secrets.

Businesspeople will also be banned from missing the National Assembly's audit sessions and hearings, according to the new law. They should at least make appearances through online platforms if they are abroad or ill.

"The proposal is aimed to prevent hearings from being ineffective," said Rep. Jung Chung-rae of the DPK, who proposed the revision.

Before Yoon's martial law declaration, it was expected that the president would reject the proposal.

If the acting president does not exercise his veto right by Dec. 21, however, the new law will take effect in March at the earliest after a Cabinet meeting.

"Companies will face the risk of divulgence," an insider of one of Korea's business lobby groups said on condition of anonymity. "CEOs will also face setbacks in management, as they will be busy visiting the National Assembly."

Accompanied by executives of 16 conglomerates, Federation of Korean Industries Vice Chairman Kim Chang-beom, front, delivers a speech to protest a revision to the Commercial Act at a hotel in Seoul, Nov. 21. Yonhap

Amid the government leadership vacuum, the DPK has also sought to pass the Commercial Act revision by the end of this year, raising concerns about a possible surge in lawsuits filed by shareholders against boards of directors.

The new law aims to expand corporate directors' duty of loyalty to include shareholders, not only their companies. The government had initially intended to reject the proposal, suggesting the amendment to the Capital Markets Act as an alternative.

"Please reconsider the Capital Markets Act revision and the extension of the legal retirement age, both of which could discourage business activities," Korea Enterprises Federation Chairman Sohn Kyung-shik told Rep. Lee Jae-myung, leader of the DPK, on Thursday.

Another attempt by the DPK to pass the pro-labor bill known as the "yellow envelope law" has also caused worry in the business community.

The bill aims to empower subcontracted workers by allowing them greater negotiating leverage with the clients of their employers, while also prohibiting management from seeking compensation for damage incurred during illegal strikes.

It earned the nickname after citizens delivered yellow envelopes containing money in 2014 to help unionized workers of SsangYong Motor compensate the carmaker for their strike in 2009.

After the previous two assemblies between 2012 and 2020 thwarted the bill's passage, Yoon also exercised his veto right on the labor-friendly revision to the Trade Union and Labor Relations Adjustment Act in August.

The DPK is considering proposing the bill once again next year upon requests from labor unions.