The main opposition People Power Party(PPP) launched a filibuster on Tuesday to block a revised bill aimed at improving corporate governance.

The PPP launched the filibuster at a plenary session, shortly after the bill seeking revisions to the Commercial Act was submitted, with Rep. Yoon Han-hong the first to take the floor.

The revised bill requires companies to cancel newly-acquired treasury shares within one year of acquisition and existing treasury shares within one year and six months of acquisition to prevent them from being used to defend management rights.

The ruling Democratic Party(DP) plans to vote on the bill when the PPP's filibuster ends at around 4 p.m. Wednesday. 

The DP said it will also submit and vote on three bills on judicial reform and a bill to revise the Referendum Act so that a referendum to amend the Constitution can be held concurrently during the June 3 local elections. 

Additionally, the ruling camp plans to push for the passage of a bill on the merger of South Jeolla Province and Gwangju in the southwest.

The PPP has pledged to filibuster all the DP-backed bills until the extraordinary session ends next Tuesday.