Ju Biung-ghi, head of South Korea’s Fair Trade Commission (FTC), said conglomerates contributed to national growth but argued stronger governance and action on concentrated corporate power would help them compete globally.
Yonhap reported that opposition lawmakers cited a lecture Ju gave while he was a professor, in which he characterized chaebol, South Korea’s family-run conglomerates, as exploiting the country. They also challenged his defense of that view last week. The criticism came during a parliamentary audit Wednesday.
Ju said he wanted to draw attention to more transparent governance and the adverse effects associated with the groups’ economic concentration. He said addressing those issues could bolster their global competitiveness. He also cited business groups’ social responsibilities and the rights of the majority of shareholders.
Ju said the commission should give firms room to operate while ensuring they follow market rules.
