Kim Sang-jo, an outspoken critic of family-run chaebol establishments now heading South Korea’s Fair Trade Commission (FTC), said he was opposed to the means of overburdening enterprises with new regulations and pressuring them with administrative force.

In his first meeting with the representatives of the country’s four top chaebols, he said he wished the country’s largest conglomerates would show leadership in voluntary changes.

Kwon Oh-hyun, vice chairman of Samsung Electronics Co., Chung Jin-haeng, president of Hyundai Motor Co., Park Jung-ho, president of SK Telecom Co., and Ha Hyun-hwoi, president of LG Corp., attended the meeting that took place at the Korea Chamber of Commerce and Industry building in central Seoul.

Kim told the executives that public views on big business groups have changed along with the growth of the Korean economy and changing economic environment but the management strategy and decision structure of each group has "fallen short of expectations of the society and the market."

Korea has produced global corporate names, but the actual livelihood of the people has deteriorated, he said referring to the widening disparities in income and wealth.

"I’m not saying the business community is to be blamed, but it nevertheless should be retrospective," Kim said.

The FTC Chairman invited business entrepreneurs to freely voice their opinions on government policies. "We will listen and discuss, and do our best for support."

His comment came amid weakening and stalling in hiring and investment by large companies nervy about anti-chaebol scholars and activists recruited to the liberal administration of President Moon Jae-in who has promised reforms on chaebols and more labor-friendly policies.

Kim said that the meeting should not end as a one-time exhibitionist event and added that he was willing to meet with individual companies.

By Seok Min-soo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]