KCCI Releases 'Corporate Management Barriers Report' Containing 80 Regulatory Improvement Tasks

[Asia Economy Reporter Kiho Sung] The Korea Employers Federation (KEF) has released the "2020 Corporate Management Barriers Report," which identifies management difficulties faced by companies and proposes improvement measures. The report contains a total of 80 regulatory improvement tasks.

According to KEF on the 29th, the "2020 Corporate Management Barriers Report" was conducted over the past six months by forming research teams in the fields of management and labor, safety and health and environment, and new industries. Its purpose was to identify regulatory factors in the field necessary to enhance national competitiveness and create a business-friendly environment, and to prepare improvement measures accordingly.

To gain an in-depth understanding of regulations faced by companies on the ground, KEF selected specialized institutions by sector and conducted in-depth interviews by directly visiting 20 to 40 companies in each field.

As a result of the research, 12 improvement tasks in the management and labor sector, 39 tasks in the safety, health, and environment sector, and 29 tasks in the new industry sector were identified, totaling 80 corporate regulations and improvement measures included in the report.

Specifically, in the management and labor sector, the report includes ▲abolition of the periodic designated audit system ▲reduction of disclosure requirements for listed companies ▲narrowing the scope of relatives among related parties ▲clarification of the criteria for exercising voting rights by the National Pension Service ▲improvement of disclosure burdens under the Fair Trade Act ▲improvement of Fair Trade Commission on-site investigation procedures ▲relaxation of online business regulations for large marts, etc. ▲improvement of procedures related to the decision on reduction of leave allowance ▲expansion of the recognition scope of the special extended work permit system ▲resolution of health insurance premium retroactive charges after the ordinary wage ruling ▲clarification of criteria for recognizing working hours for discretionary and telecommuting work ▲allowing applications for employment retention subsidies by business unit and easing restrictions on employment retention subsidy support.

KEF stated, "This survey is meaningful above all because it directly identified the difficulties of companies on the ground and proposed improvement measures so that solutions actually needed by related companies could be reviewed," and added, "We plan to actively recommend these 80 tasks to relevant government ministries and the National Assembly to drive tangible regulatory and institutional improvements." KEF also emphasized, "Next year, we will continue activities to identify corporate difficulties centered on the field and contribute to creating a business-friendly environment by presenting improvement tasks for corporate regulations in various fields, including hidden regulations."

This content was produced with the assistance of AI translation services.