Jang Je-won: "Kim Jong-in Clearly Expressed Support for 'Fair Economy 3 Laws,' Glad... Let's Keep the Promise"

[Asia Economy Reporter Lee Ji-eun] Jang Je-won, a member of the People Power Party, expressed relief that Kim Jong-in, the emergency committee chairman, voiced support for the so-called 'Fair Economy 3 Laws,' emphasizing that the party must keep the promises made since former President Park Geun-hye's administration.

On the 18th, Jang stated on Facebook, "Chairman Kim clearly expressed support for the Commercial Act, the Fair Trade Act, and the Financial Group Relations Act (the Fair Economy 3 Laws), saying, 'Our party also included economic democratization in our party platform and policies, so there is no contradiction.' This is a relief," he said.

He added, "Trying to maintain an image through words alone is 'pretentiousness,' and only by filling in the content through practice can there be 'change.' The so-called Fair Economy 3 Laws are laws that we should have proposed first, along with revisions to the party platform and policies."

Jang emphasized, "The People Power Party not only positioned the value of economic democratization as a core party value but also promised clear economic democratization measures through former President Park's presidential campaign pledges, including ▲abolishing the exclusive prosecution system of the Fair Trade Commission ▲gradual implementation of the derivative lawsuit system ▲strengthening regulations on unfair transactions by the controlling family."

He pointed out, "Once the derivative lawsuit system is implemented, shareholders can check the controlling family's pursuit of private interests such as 'preferential treatment of orders' through subsidiaries. Although the business community opposes it, claiming it will cause side effects like management interference and excessive lawsuits against subsidiaries, it only appears to be a desperate attempt to protect vested interests."

Regarding the 'separate election system for audit committee members,' Jang said, "It is a basic means of checking controlling shareholders by separating decision-making, execution, and supervision. If the audit function that supervises corporate decision-making and execution is still held by controlling shareholders with management rights, can the audit function operate properly?"

He concluded, "For a company to be healthy, there must be healthy checks and balances. This was a promise we made, but we have yet to fulfill it. Now is the time to keep that promise."