Key Points

Earlier in the day, the Assembly passed the confirmation motion for Kim in a 173-3 vote with three invalid ballots during a plenary session. The motion was boycotted by the main opposition People Power Party (PPP) in protest of allegations surrounding his wealth and family.

Speaking to reporters after his confirmation, Kim pledged to "uphold the will of the people" and stressed that "overcoming the economic crisis" caused by what he called the "forces of tyranny" will be his top priority.

Lee officially appointed Kim as Prime Minister following the parliamentary vote, according to presidential spokesperson Kang Yu-jung.

The PPP has called Kim an unqualified nominee, taking issue with the source of his income amid large differences between his reported wealth and spending, as well as allegations surrounding his son's college admissions and his own studies at China's Tsinghua University.

The DP earlier said it will push ahead with the confirmation unilaterally even if the PPP disagrees.

In South Korea, the Prime Minister is the only Cabinet post that requires parliamentary approval.

At the session, the Assembly also passed a revision of the Commercial Act that would expand the fiduciary duty of corporate board members to all shareholders.

The rival parties had clashed over the rule that would limit the voting rights of the largest shareholder in a company to 3 per cent when an auditor is being selected, but agreed Wednesday to put the bill to a vote after making amendments to the rule.

Among the 272 lawmakers present, 220 approved of the revision. Twenty-nine disapproved while 23 abstained.

The Assembly had passed a similar bill in March, but it was vetoed by then-President Yoon Suk Yeol and ultimately scrapped, Yonhap news agency reported.

A revision to the Martial Law Act, which bans the entry of the military and police into the National Assembly when martial law is declared, was also passed in Thursday's session.

- IANS