Ryu Jin, Chairman of Hankyung Association, "Promoting Recruitment of Chairmen from the 4 Major Groups" (Comprehensive)

16th Hankyunghyeop 63rd Regular General Meeting
Recruitment of Female Chairpersons, Efforts to Join Ne, Ka, Ku
20 New Member Companies Increase, "Overall Positive"

Ryu Jin, Chairman of the Korea Employers Federation (KEF), stated on the 16th that "we are considering recruiting chairpersons from the four major groups (Samsung, SK, Hyundai Motor, LG)." This was announced immediately after the approval of POSCO Holdings' admission, ranked 5th in the business world, indicating that efforts to continuously recruit chairpersons from the four major groups are underway. The failure to recruit female chairpersons at this general meeting was pointed out as a limitation.

Currently, the KEF chairman group consists of Chairman Ryu (Poongsan) and 10 vice chairmen in alphabetical order: Kim Seung-yeon (Hanwha), Kim Yoon (Samyang), Kim Joon-ki (DB), Shin Dong-bin (Lotte), Park Jung-won (Doosan), Lee Woong-yeol (Kolon), Lee Jang-han (Chong Kun Dang), Cho Won-tae (Hanjin), Cho Hyun-joon (Hyosung), and Heo Tae-soo (GS), making a total of 11 members.

Chairman Ryu made these remarks during a press conference following the '63rd KEF Regular General Meeting' in the afternoon.

When asked about the progress of recruiting female chairpersons, he replied, "We are preparing diligently." Although there were rumors that Kim Sun-hee, Vice Chairwoman of Maeil Dairies, might join the chairman group after becoming a member company, she was not included this time. There are currently no female members in the KEF chairman group.

Regarding the failure to recruit IT companies such as Naver, Kakao, and Coupang, he responded, "We are reviewing everything thoroughly." KEF had put considerable effort into this, sending membership request letters to IT companies like Naver, Kakao, Coupang, and Woowa Brothers around August last year, right after the four major groups rejoined.

When asked about potential new member companies, he did not provide an answer.

Ryu Jin, Chairman of the Korea Economic Association, is giving a greeting speech at the '63rd General Meeting' held at the Korea Economic Association in Yeouido, Seoul on the 16th. Photo by Kang Jin-hyung aymsdream@

Regarding the recent increase in member companies, with 20 new members added that day, he said, "It can't be anything but good." Earlier that morning, just before attending the board meeting, he also responded to the same question by saying, "It is a good phenomenon that member companies are gradually increasing, and I am grateful."

After losing its position as the 'eldest brother' of the business world to the Korea Chamber of Commerce and Industry due to the 'Mir and K-Sports Foundation scandal' and the withdrawal of the four major groups and POSCO, KEF has been striving for revival. With 20 new member companies added at this general meeting alone, interest in the industries and business models of new member companies is growing in the business community. The expansion of the member portfolio to include sectors such as gaming (Wemade), investment (Lotte Ventures), and bio (Hanmi Science, Hanmi Pharm) was seen as significant.

The 20 new member companies announced by KEF that day are: Korea Steel, Dongsung Chemical, Donga Elecom, Lotte Ventures, Maeil Dairies, Samgu I&C, Sampyo Cement, Amorepacific, EcoPro, EcoPro BM, LIG, Woongjin, Wemade, KEC, KG Mobility, POSCO Holdings, Korea Productivity Center, Hanmi Science, Hanmi Pharm, and Fila Holdings (in alphabetical order). This brings the total number of KEF member companies to 427.

The business community expects KEF to support the drafting and implementation of laws and policies directly related to management rights, such as the Fair Trade Act, tax laws, and commercial laws. Kim Kyung-jun, CEO of CEO Score, said, "Since labor issues are prominently handled by the Korea Employers Federation (KEF) and small business issues by the Korea Chamber of Commerce and Industry, KEF needs to actively engage in supporting various laws and policies related to owner management rights. Many companies especially expect active participation and a clear role during the inheritance tax reform process."