Main opposition Democratic Party(DP) leader Lee Jae-myung has proposed an open debate on his push to revise the Commercial Act amid strong opposition from the business community.

At a party meeting Friday, Lee said he intends to participate in the debate and hear out both sides before finalizing the party’s position.

The revisions, which the main opposition party put forth earlier this month, would require boards of directors to balance the interests of companies and shareholders.

On Thursday, the presidents of 16 major companies issued a statement expressing concern that the proposed changes would hinder management activity and discourage companies from seeking new growth opportunities.

In response, the DP chief said small investors are calling for the swift passage of the revised legislation.

Lee emphasized that no one is against protecting small investors and there is always room for compromise on what is a reasonable way to guarantee that protection.

The party is expected to hold a policy debate on the matter as early as next week.