Chairmen of the Five Major Conglomerates, Including Lee Jaeyong,
and Heads of Six Major Economic Organizations to Attend
President Lee Jaemyung will meet with the heads of major business conglomerates for the first time since taking office on June 13. The meeting is expected to serve as a venue to discuss ways to revitalize the sluggish economy and to request cooperation with the policies of the Lee administration.
According to the presidential office on June 12, President Lee is scheduled to hold an economic roundtable at 10 a.m. on June 13 at the Yongsan presidential office, attended by the leaders of six major economic organizations and the five largest conglomerates. The five major business leaders attending will include Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry; Chung Euisun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; and Shin Dong-bin, Chairman of Lotte Group. Other attendees will include Ryu Jin, Chairman of the Federation of Korean Industries; Sohn Kyung-shik, Chairman of the Korea Employers Federation; Yoon Jin-sik, Chairman of the Korea International Trade Association; Kim Ki-moon, Chairman of the Korea Federation of SMEs; and Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises.
President Lee and the business leaders are expected to discuss ways to overcome the deepening trade conflicts centered on the United States, as well as the further cooling of the domestic economy following the December 3, 2024 12·3 Martial Law. Previously, President Lee personally presided over two emergency economic inspection task force (TF) meetings after taking office, strongly urging for a supplementary budget and measures to stabilize prices.
Some observers speculate that President Lee may also deliver a message regarding the amendment of the Commercial Act. However, given that this is the first meeting with the heads of major business groups, most believe it is unlikely that contentious issues with differing opinions will be brought to the table. The presidential office explained that, as the immediate task is to revitalize the sluggish economy, the meeting will focus on finding solutions for economic recovery. The Commercial Act amendment being pursued by the government and the ruling party is a reform policy aimed at strengthening oversight of corporate decision-making and increasing transparency. Key measures include codifying directors' fiduciary duties to shareholders, mandating the appointment of a certain proportion of independent directors, expanding the separate election of audit committee members, and promoting cumulative voting.
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