South Korea’s parliament has approved legislation intended to reduce the power of the country’s family-controlled conglomerates, known as chaebol, in a move that could alter corporate governance ahead of next month’s snap elections.

The reforms target long-standing business structures that have shaped the South Korean economy for decades. Supporters say the bill is meant to improve transparency and limit the influence of powerful corporate dynasties, while critics argue the timing could turn the issue into a political flashpoint before voters go to the polls.

The legislation arrives amid renewed debate over inequality, economic concentration and the role of major conglomerates in national politics. Business groups and reform advocates are expected to continue pressing their competing cases as election campaigning intensifies.

Officials have not yet detailed how quickly the new rules will be implemented, but the vote signals that corporate reform will remain a prominent issue in the campaign season.