[Declaration of Korea's BRT] 76 Companies Including Samsung and SK Proclaim 'New Entrepreneurship'

New Roles in Economy, Ethics, and Eco-Friendliness Proposed
Heads of 5 Major Groups and Unicorn Companies Also Attend
New Entrepreneurs Council Launches 'ERT'

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] CEOs of major domestic conglomerates and startups declared their commitment to a 'new entrepreneurship' that goes beyond profit-seeking to create long-term value and lead social contributions. They pledged that business leaders will take the lead in presenting a future-oriented vision for companies in line with the times and solving major issues currently facing Korea.

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), held the 'New Entrepreneurship Declaration Ceremony' on the 24th at the Chamber of Commerce building in Jung-gu, Seoul, and announced an entrepreneurial declaration presenting new roles for companies in economy, ethics, and eco-friendliness. Leading the ceremony, Chairman Choi stated, "Companies declare and practice a 'new entrepreneurship' that values all stakeholders surrounding the company?including customers, organizational members, shareholders, partner companies, and local communities?and fosters mutual growth, beyond the past role of creating jobs and profits through growth."

The ceremony was attended by economic organization heads including Chairman Choi, Sohn Kyung-shik of the Korea Employers Federation, and Koo Ja-yeol of the Korea International Trade Association, as well as CEOs and owners of the five major conglomerates such as Chung Eui-sun, Chairman of Hyundai Motor Group, Lee In-yong, President of Samsung Electronics, Ha Beom-jong, President of LG, and Lee Dong-woo, Vice Chairman of Lotte Holdings. Prominent unicorn company CEOs such as Kim Bong-jin, Chairman of Woowa Brothers, and Kim Seul-ah, CEO of Kurly, also participated.

Declaration of Corporate Entrepreneurship by the Entrepreneurship Roundtable (ERT). (Source: Korea Chamber of Commerce and Industry)

The core of the corporate declaration announced that day is the realization of social values including not only economic values such as financial performance but also ▲job creation ▲consumer protection ▲corporate culture development ▲eco-friendly management ▲co-prosperity with local communities. The declaration was signed by 76 business leaders, including major conglomerates like Samsung Electronics and Hyundai Motor, venture companies such as Woowa Brothers (Baedal Minjok) and Toss, financial institutions like Mirae Asset Securities and Industrial Bank of Korea, and economic organizations including the Korea Employers Federation, Korea International Trade Association, and Korea Federation of SMEs.

The business leaders also formed a separate practical organization called the 'New Entrepreneurship Council (ERT).' It is the Korean version of the U.S. Business Roundtable (BRT), a leading economic organization that in August 2019 redefined the purpose of corporations as providing value to all stakeholders. The plan is to expand the scope to include not only the 180,000 member companies of the KCCI but also members of other economic organizations and startups.

Chairman Choi, through his 'ERT Roundtable (Unpack)' lecture, urged companies to actively participate in solving social issues such as digital transformation, climate change, and demographic cliff. He emphasized that contributing to solving humanity’s crises and challenges leads to better corporate management and a more prosperous society. Major business leaders agreed with Chairman Choi’s message. Chairman Chung Eui-sun said in his congratulatory speech, "Recently, environmental pollution and climate change have posed threats to the very survival of companies and society," adding, "The new entrepreneurship that values stakeholders surrounding companies and expands corporate roles to enhance social value is the answer to these problems." He further emphasized, "We will achieve carbon neutrality throughout the entire process of vehicle manufacturing, use, and disposal, including the launch of electric vehicles, expansion of hydrogen mobility, and RE100 (100% renewable energy participation) of affiliates."