With Korea passing a revision to the Commercial Act requiring companies to cancel treasury shares within a set period, major firms including SK Inc., Lotte Corp. and HD Hyundai are facing mounting pressure over how to manage their holdings. During a plenary session on Wednesday, the National Assembly passed the third revision to the country’s Commercial Act, under the goals of “preventing firms from exploiting treasury shares” and “improving shareholder value.” The revision requires companies to cancel newly acquired treasury shares within a year. For treasury shares already held, companies are given a six-month grace period and must cancel them within 18 months. If a company seeks to retain treasury shares for specific reasons, such as employee compensation, it must obtain shareholder approval annually at a general meeting. Unintentionally acquired treasury shares were also brought under the rule, though an exception was made to simplify the procedure at the request of business groups. President Lee Jae Myung hailed the revision Thursday during a meeting with his secretaries, s