Rival political parties agreed to handle a bill to revise the Commercial Act aimed at improving corporate governance, including a rule to cap the voting right of the company's largest shareholder at three percent in selecting an auditor.

Following a bipartisan meeting Wednesday, ruling Democratic Party(DP) Rep. Kim Yong-min, the party's senior member on the Legislation and Judiciary Committee, said the two sides had also reached a compromise on three key points of contention.

Rival parties had been in dispute over expanding board members' duty to be in good faith, electronic shareholders' meeting, and changing the name of independent directors.

The parties, however, decided to continue discussions, including public hearings, on reinforcing rights of small shareholders when selecting directors through a cumulative voting system, as well as increasing the number of auditors.

Rep. Jang Dong-hyeok of the main opposition People Power Party(PPP), the party's senior member on the panel, said a positive signal can be sent out when the parties handle such a bill that could have a significant impact on the stock market in bipartisan agreement.