Amid efforts to revise the Commercial Act and require boards of directors to better balance the interests of companies and shareholders, 16 major companies and a business lobby group say the political discussion should be suspended. 

In a statement issued Thursday, the 16 companies, including Samsung Electronics and SK Group, along with the Federation of Korean Industries, raised concerns about a prolonged slowdown in the national economy and weakened momentum for growth.

The business community pledged to lead efforts to ease economic uncertainties and revitalize growth momentum by seeking new opportunities, increasing jobs, and supporting small and midsize businesses.

They expressed concern that the proposed revisions would hinder management activity and discourage companies from seeking new growth opportunities.

They said the changes would expose companies to excessive litigation and attacks from speculative investors based overseas.

The businesses also warned of potential damage to corporate competitiveness, saying the domestic stock market could decline in value.