[Unofficial Korean-English translation provided by Business & Human Rights Resource Centre]

"Law that strengthens human rights responsibility of companies operating in 'conflict areas' introduced...'Human rights and environment' due diligence report mandatory", 8 December 2022

A law that strengthens human rights responsibility of companies operating in conflict areas has been introduced in congress. Yongbin Lee of the Democratic Party held a press conference in the Communication Hall of the Congress on the 8th and stated "an amendment to the Overseas Resources Development Business Act that makes human rights due diligence reporting mandatory for businesses that participate in government-sponsored overseas resource development projects in regions where grave human rights violations or conflicts such as civil war occur, including Myanmar." According to the Amendment, in order to participate in resource development projects abroad in 'conflict or high-risk areas,' as designated through consensus of the ministers of Trade, Industry, and Energy and Foreign Affairs, businesses have to conduct human rights and environmental due diligence. If due diligence reports are not submitted, penalties will be given. Moreover, the minister of Trade, Industry, and Energy can order businesses to stop their operations in affected areas, and the government has to compensate for any losses. This amendment was introduced as Environmental, Social, and corporate Governance (ESG) management that emphasizes corporate responsibility regarding the environment and human rights is gaining attention. There was criticism that South Korean companies contributed to revenues funding the military junta in Myanmar by maintaining ties to the junta and corporations controlled by the junta during the coup d'état in Myanmar. [...]