S.Korea’s major conglomerates to hold global strategy meetings to assess biz environment

South Korea’s major conglomerates such as Samsung Electronics, SK, and LG will conduct business strategy meetings in the first half to examine their respective issues in the domestic and overseas business markets.

Despite growing global uncertainties and a significantly deteriorating business climate due to rising inflation and interest rates and the worsening won-dollar exchange rate, these corporations have lately announced large-scale investment plans to safeguard future growth engines.

During their individual strategy meetings, companies are required to address particular investment and execution plans.

Samsung Electronics is planning a worldwide strategy conference at the end of next month.

Samsung's global strategy conference, conducted twice a year in June and December, brings together leaders from across the world to analyze business circumstances and discuss ideas on new development engines.

Due to the COVID-19 epidemic, Samsung has only hosted one such meeting in the last two years, but one is scheduled for the first part of this year.

SK Group is also planning an enlarged management meeting in June, during which SK Organization Chairman Chey Tae-won and other group affiliate CEOs will review the group's goal and management status.

The management philosophy underlined by Chairman Chey, as well as environmental, social, and governance (ESG) management instances, are scheduled to be covered at this meeting.

LG will have a strategy briefing session beginning May 30 for around a month.

LG Group Chairman Koo Kwang-mo and affiliate leaders will meet to discuss mid-to-long-term business objectives.

LG previously stated that it will invest 106 trillion won ($84.2 million) in Korea over a five-year period after gathering investment intentions from each subsidiary.

CEO Koo will examine in full the strategic plans developed by each affiliate during the meeting, and he is anticipated to actively support mid-to-long-term investment and recruiting goals.

According to reports, Hyundai Motor and Kia Motors will have a conference in July with the CEOs of their foreign companies to discuss their market plans.

The conference of the heads of abroad subsidiaries is conducted twice a year, in the first and second halves of the year, and is presided over by the CEOs of each firm and the leaders of regional divisions.