'Anti-Corporate Laws Flooding Legislation Causes Powerlessness' Kim Yong-geun, Vice Chairman of the Korea Employers Federation, Announces Resignation

On the 12th, at the Foreign Correspondents' Club in the Press Center, Jung-gu, Seoul, Kim Yong-geun, Executive Vice Chairman of the Korea Employers Federation, is speaking at the Korea-Japan Industrial Cooperation and Competition Forum jointly hosted by the Korea Employers Federation and Hyundai Research Institute. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Hyewon] Kim Yong-geun, Executive Vice Chairman of the Korea Employers Federation (KEF), has tendered his resignation with one year remaining in his term.

According to business circles on the 14th, Vice Chairman Kim repeatedly expressed his intention to resign to internal personnel, including KEF Chairman Sohn Kyung-shik, before the Lunar New Year holiday, and requested discussions on his successor.

Kim, a former official of the Ministry of Trade, Industry and Energy, was appointed as Vice Chairman after Song Young-jung, then KEF Vice Chairman, was dismissed in 2018 when Kim was serving as Chairman of the Korea Automobile Manufacturers Association. He was reappointed in February last year and was serving a two-year term.

It is known that Vice Chairman Kim first verbally expressed his intention to resign shortly after the recent regular National Assembly session ended. Despite strong opposition from KEF and the business community, he reportedly conveyed to those around him his intention to take moral responsibility for the government's and ruling party's consecutive passage of the so-called 'Three Corporate Regulation Laws,' amendments to the Labor Union Act, and the Serious Accidents Punishment Act.

Vice Chairman Kim has actively opposed legislative bills that tighten regulations on companies, along with vice chairmen of major economic organizations such as the Korea Federation of SMEs. A KEF official said, "KEF took the lead in opposing anti-business legislation, but the government and National Assembly did not listen at all, which made Vice Chairman Kim feel a great sense of helplessness," adding, "He especially kept apologizing to member companies for failing to prevent the passage of the Labor Union Act as KEF Vice Chairman."

A representative from a member company also said, "Vice Chairman Kim often said that his role seemed to have come to an end," and added, "His voluntary resignation is understood as a gesture to refresh the internal and external atmosphere and to make the government and National Assembly realize that the business community's intentions are urgent and serious."

KEF plans to hold an executive meeting on the 17th to discuss the successor to Vice Chairman Kim and is expected to appoint a successor at the general meeting as early as the 24th. Candidates for Vice Chairman include Lee Dong-geun, President of the Hyundai Research Institute, and Ryu Ki-jung, KEF Executive Director. An industry insider said, "There is a voice hoping that a person with significant influence who can serve as a bridge between the government, National Assembly, and major economic organizations will take the position."