Candidate Kwon Chil-seung: "Multiple Voting Rights Needed... To Raise Sharks, You Need a Large Aquarium"

[Image source=Yonhap News]

[Asia Economy Reporter Junhyung Lee] Kwon Chil-seung, nominee for Minister of SMEs and Startups, emphasized the need to introduce multiple voting rights on the 3rd. Nominee Kwon made this statement while attending the confirmation hearing held by the National Assembly's Industry, Trade, Energy, SMEs and Startups Committee in the afternoon.

At the hearing, Ryu Ho-jeong, a lawmaker from the Justice Party, asked Kwon, "What percentage of SMEs would be able to utilize the multiple voting rights system?" and "Isn't there a concern that it could be abused for chaebol succession?"

In response, Kwon said, "There are divided opinions on that matter," adding, "The decision to adopt multiple voting rights should not be made based on that issue alone." He further explained, "The cases of countries that have introduced multiple voting rights vary greatly," and "Each country has different economic conditions and cultures, and the system was adapted accordingly."

Regarding Ryu's concern that the introduction of multiple voting rights could further solidify the chaebol structure and cause social repercussions, Kwon emphasized, "It is an undeniable fact that the introduction of multiple voting rights provides a foundation for venture companies to grow."

He added, "If we only talk about whether to accept multiple voting rights or not, the discussion can be oversimplified," and said, "To raise a shark, you need a tank big enough for the shark to live in."

Nominee Kwon also stated, "Even if there are side effects, if there is a purpose to raise sharks, it is necessary to create a tank of that size."

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