Kakao's Kim Beom-su, Headquartered in Jeju, at the Seoul Chamber of Commerce?

Kim Beom-su, Kim Taek-jin, Jang Byung-gyu Join Chairman Group at Regular General Meeting on 23rd
Membership Principles Based on Local Unit Organization, Headquarters, Factory, and Business Site Locations
"Large Corporations Usually Join as Regular Members"... Kakao's Membership Fee Around 180 Million Won

Beom-su Kim, Chairman of the Kakao Board of Directors

[Asia Economy Reporter Choi Dae-yeol] Unlike other economic organizations, the Chamber of Commerce and Industry operates under a separate law (Chamber of Commerce and Industry Act) with its own organizational structure. During the Park Geun-hye administration, before the political scandal, the Federation of Korean Industries was seen as the 'big brother' of the business community, and although the Korea Federation of Small and Medium Business, which unites various sectoral associations, likely had more members, it is somewhat surprising that the Chamber of Commerce and Industry has emerged as the representative economic organization in recent years. Considering its founding background, history, and legal basis, it has always been an organization representing the private economic sector.

The Seoul Chamber of Commerce and Industry's general assembly meeting on the 23rd is attracting attention because it will elect a new chairman for the first time in seven and a half years, and new figures will join the chairman group, which can be considered the face of the organization. SK Group Chairman Chey Tae-won, the third largest conglomerate leader, has already accepted the next chairman position, and a new lineup is being formed. Kim Beom-su, Chairman of Kakao's Board of Directors; Kim Taek-jin, CEO of NCSoft; Jang Byung-gyu, Chairman of Krafton; Kim Nam-goo, Chairman of Korea Investment Holdings; and Lee Han-joo, CEO of Bespin Global, are expected to join the chairman group this time.

The Chamber of Commerce and Industry does not restrict membership by industry or sector. However, it has mainly consisted of businesspeople from manufacturing, distribution, and service sectors based on regional circumstances. The decision to include software development, gaming, internet services, and financial industry businesspeople in the chairman group, which has only 25 seats (currently 23), is interpreted as an intention to incorporate more diverse voices. With the legislative drive led by the government and ruling party intensifying, putting economic organizations at risk of being deemed unnecessary, there is also a 'practical' need to appear as a more diverse organization.

Choi Tae-won, Chairman of SK Group. Chairman Choi is scheduled to be appointed as the new chairman at the Seoul Chamber of Commerce and Industry's general assembly meeting on the 23rd. It is reported that Chairman Choi personally proposed that young entrepreneurs from new industries, including Chairman Kim Beom-su and CEO Kim Taek-jin, join the new chairman group of the Seoul Chamber of Commerce and Industry.

Although distinguishing regions in an era of diminished national borders may not be very meaningful, it is noteworthy that non-Seoul businesspeople are joining the Seoul Chamber of Commerce and Industry's chairman group. Article 10 of the Chamber of Commerce and Industry Act states that members can be from the region where their office, factory, or business site is located. Chairman Kim Beom-su is said to have been born and raised in Seoul but is now known to live elsewhere. Kakao, where Chairman Kim is the largest shareholder and has his base, has its headquarters in Jeju, not Seoul. Jang Byung-gyu's company is also officially headquartered in Seongnam, Gyeonggi Province.

However, both companies have several subsidiaries headquartered in Seoul, and even if not headquartered there, it is possible to join and participate as members if they have business sites in Seoul, according to the Chamber. It is also true that important discussions have been mainly formed around the Seoul Chamber of Commerce and Industry, where top executives of major companies are active, just as the Seoul Chamber's chairman usually concurrently serves as the chairman of the Korea Chamber of Commerce and Industry. A Korea Chamber official said, "Membership is possible in the region where actual business is conducted rather than the location of the headquarters," adding, "In the case of large corporations, they usually join the Seoul Chamber as 'ex officio members' and participate in the Korea Chamber's activities together."

Ex officio members are companies with sales exceeding 17 billion KRW over six months. Unlike general or special members who pay a fixed amount over a period, membership fees for ex officio members are determined based on sales. Based on Kakao's sales in the second half of last year, the fee is approximately 187 million KRW.