FTC chief stresses chaebol's role in growth while urging governance reforms
During a parliamentary audit, Fair Trade Commission head Ju Biung-ghi said he does not deny chaebol contributions to Korea's economy, but calls for more transparent governance.
At a parliamentary audit in the National Assembly, Ju Biung-ghi, head of the Fair Trade Commission, responded to criticism over his past description of chaebol as exploitative. He stated that he is not denying the positive impact these conglomerates have had on Korea's economic growth and development. Ju explained that his comments were intended to draw attention to the necessity of more transparent governance structures and to mitigate the negative effects of economic concentration.
He stressed the importance of safeguarding the rights of the majority of shareholders and enhancing the global competitiveness of Korean business groups. The FTC chief also reaffirmed that the commission's mission is to enable businesses to operate freely while complying with regulations. His remarks aim to balance recognition of chaebol's contributions with calls for reforms to address concentration risks.
Why it matters
The statements signal potential policy shifts affecting Korea's dominant conglomerates and shareholder rights.
In this story
