"The Background of Forcing Corporate Regulatory Legislation is Anti-Business Sentiment... Strengthening Economic Education and More"

Son Kyung-sik "Fair Evaluation of Companies, a Task to Enhance Corporate and National Competitiveness"

[Asia Economy Reporters Yu Je-hoon and Lee Ki-min] There is a claim that since anti-corporate sentiment underlies the recent frequent enforcement of corporate regulatory legislation, companies need to resolve this through strengthening economic education.

The Korea Employers Federation (KEF) held a symposium titled "Anti-Corporate Sentiment in Korea: Diagnosis of Causes and Improvement Measures" on the afternoon of the 1st at the Press Center in Jung-gu, Seoul. Attendees included KEF Chairman Sohn Kyung-shik, Democratic Party lawmaker Yang Hyang-ja, and People Power Party lawmaker Chu Kyung-ho.

Chairman Sohn said, "Starting with the Commercial Act, Fair Trade Act, and Labor Union Act in December last year, and including the Serious Accident Punishment Act in January this year, the despair among businesspeople is deepening," pointing to anti-corporate sentiment as the background.

He also stated, "Clearly viewing companies and evaluating them fairly is an important task to enhance corporate and national competitiveness," adding, "On behalf of the business community, we plan to actively promote projects to create a corporate sentiment that trusts companies."

At the following symposium, Professor Emeritus Ahn Jae-wook of Kyung Hee University identified the causes of anti-corporate sentiment as the public's incorrect knowledge about the essential concept of companies and illegal acts by some companies. He pointed out, "Many people misunderstand the role of companies and the legitimate profit as entrepreneurs' rightful reward, which leads to negative perceptions of companies, and illegal acts by some companies spread resentment toward all companies, resulting in strengthened regulations."

Professor Ahn explained that to resolve this, proper market economy education and active investment by companies are necessary. He also emphasized that companies must uphold compliance spirit and practice social responsibility and ethical management.

During the discussion, there were many calls for strengthening economic education and ESG (Environmental, Social, and Governance) management. Kim Seung-wook, President of the Korean Society for Institutional Economics, said, "To escape the anti-capitalism trap, it is necessary to strengthen economic education," and Professor Lee Myung-jin of Korea University stressed, "The government, companies, and civil society must cooperate organically," adding, "Companies should fulfill social responsibilities and roles such as ESG according to their capabilities."

Meanwhile, KEF plans to continue related projects. Chairman Sohn stated, "We will actively support companies in practicing social responsibilities such as ESG," and added, "Along with this, we will collaborate with the government, economic organizations, and media to carry out various projects including media promotion, public campaigns, and economic education."

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