Relay General Meetings of Business Groups... Son Kyungsik Secures Fifth Term as KEF Chairman

Annual General Meeting of the Korea Employers Federation on the 24th
Chairman Son Kyungshik: "Conveying the voice of companies to the government and the National Assembly"

The fifth consecutive term of Son Kyungshik as chairman of the Korea Employers Federation has been confirmed. He will continue to lead the business community's response amid rapidly changing trade conditions and shifts in labor policy.

According to the business community on the 24th, the Korea Employers Federation (hereinafter the Federation) held its 57th annual general meeting on the same day and approved the 2026 business plan as well as the appointments of executives, including the chairman. Chairman Son was reappointed unanimously by the board and member companies. His term of office is two years.

Son Kyungshik, chairman of the Korea Employers Federation, is being interviewed by The Asia Business Daily at CJ THE CENTER in Jung-gu, Seoul. Photo by Cho Yongjun

Since taking the helm of the Federation in early 2018, Chairman Son has focused on addressing labor-management issues, and with this new term he plans to continue concentrating on them. The top priority is expected to be Articles 2 and 3 of the amended Trade Union Act, commonly referred to as the so-called Yellow Envelope Act, which will take effect on March 10 next month.

In his opening remarks that day, Chairman Son said, "The government's push to implement its national policy agenda is entering full swing, and there is a strong possibility that policy discussions that place a burden on companies will also expand," adding, "We will further strengthen cooperation at the pan-business community level."

Regarding the Yellow Envelope Act, he stressed, "We will faithfully convey the voice of companies to the government and the National Assembly, and focus on supporting member companies in conducting reasonable collective bargaining."

He also said the Federation will continue to propose regulatory reform and tax improvements, promote labor market advancement through measures such as greater flexibility in working hours and the spread of job- and performance-based wage systems, and work to establish a 'prevention-centered' industrial safety and environmental framework.

Following the Korea Employers Federation, other business organizations are also holding annual general meetings one after another to reorganize their structures.

On the 25th, the Korea International Trade Association will hold its annual general meeting to approve this year's business plan and budget, along with the appointment of a new leadership group (non-executive vice chairmen). As a result, the association's leadership, which currently consists of 46 vice chairmen, is expected to be expanded to the largest size since the association's founding.

In particular, the new leadership group is expected to include business leaders and heads of institutions in fields such as artificial intelligence, venture businesses, and overseas construction. This is seen as an intention not merely to expand in size, but to strengthen trade response capabilities by reflecting on-the-ground voices from the country's key strategic industries.

The Korea Chamber of Commerce and Industry plans to hold its annual general meeting at the end of this month to realign its ranks. While the meeting is a regular session to finalize last year's accounts and this year's business plan, the business community is focused on whether there will be a personnel reshuffle to address the recent "fake news incident."

The Korea Chamber of Commerce and Industry has previously announced that, in order to restore trust in the organization, it would undertake a revalidation process for key executives. As this general meeting will bring together Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry and the heads of chambers of commerce from across the country, many observers believe there is a strong possibility that measures to strengthen responsible management, including a personnel shake-up, will be discussed.

The Korea Economic Association, which will hold its annual general meeting on the 27th, is expected at this meeting to finalize the list of new member companies, as well as this year's business plan and budget.