Wayve said the round, led by venture capital firms Eclipse Capital, Balderton Capital and a SoftBank Group fund, pushes its post-money valuation to $8.6 billion.
Wayve said the round, led by venture capital firms Eclipse Capital, Balderton Capital and a SoftBank Group fund, pushes its post-money valuation to $8.6 billion.
South Korea’s parliament approved a long-debated legal revision requiring companies to cancel treasury shares, a key step in the government’s drive to improve corporate governance and boost stock market valuations. The latest revision to the Commercial Act on treasury shares — a company’s own stock that has been repurchased but not canceled — eliminates a mechanism that governance experts say cong...
South Korea’s parliament approved a long-debated legal revision requiring companies to cancel treasury shares, a key step in the government’s drive to improve corporate governance and boost stock market valuations. The latest revision to the Commercial Act on treasury shares — a company’s own stock that has been repurchased but not canceled — eliminates a mechanism that governance experts say conglomerate owners have used to reinforce control with minimal direct holdings. The legislation passed Wednesday with 175 votes in favor out of 176 lawmakers present. The treasury‑share provision is a centerpiece of President Lee Jae Myung’s agenda and builds on earlier Commercial Act revisions that expanded directors’ fiduciary duties and strengthened minority‑investor protections. The reforms are part of a broader push to align Korea’s corporate framework with global norms. Lee has repeatedly linked stricter shareholder protections to his ambition of lifting the Kospi toward 5,000. Such reforms are essential to attracting global capital and restoring confidence after years of political and market volatility, he said. The index has more than doubled over the past year and breached 6,000 on Wednesday on the back of an AI‑driven chips rally. Gains were also supported by expectations that Lee’s reform agenda will enhance corporate transparency and spur a re‑rating of equity valuations. The amendment requires newly acquired treasury shares to be canceled within one year. Existing treasury shares are subject to a six-month grace period, meaning companies must cancel them within 18 months. There are some exceptions to the mandate to cancel treasury shares. In special cases, such as business necessity and employee compensation, the company may be permitted to hold treasury shares after getting approval from the shareholders’ meeting each year. Business groups had urged lawmakers to soften the measure, warning that cancellations could limit capital flexibility. Some firms rushed to d...