Former Prime Minister Jeong Un-chan: "Ethics and Value Management Essential for Corporate Survival... ESG is Reality"

Keynote Speech at the Korea Venture Innovation Society Conference
"Large Corporations, Please Voluntarily Engage in ESG"

Jung Woon-chan, Chairman of the Dongban Growth Research Institute (former Prime Minister), is delivering a keynote speech at the Korean Venture Innovation Society Autumn Academic Conference held on the 17th at the Federation of Korean Industries building in Yeouido, Seoul, on the theme of "ESG Management of Small and Medium Venture Innovative Companies." Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Jeong Un-chan, Chairman of the Dongban Growth Research Institute (former Prime Minister), emphasized on the 17th that "companies must go beyond compliance management to establish ethical management and strive to create and share social value."

Chairman Jeong stated at the Korean Venture Innovation Society Autumn Academic Conference held at the Federation of Korean Industries Building in Yeouido, Seoul, "Value management based on social responsibility has now become an essential requirement for corporate survival, not a choice."

At this academic conference held under the theme of "ESG (Environment, Social, Governance) Management of Small and Medium Venture Innovation Companies," he delivered a keynote speech presenting the direction of ESG management and innovation.

Chairman Jeong explained, "ESG is a non-financial indicator measuring corporate sustainability," adding, "In response to the COVID-19 crisis, investors demanded sustainable management from each company, and ESG, which emphasizes transparent management systems, has been re-evaluated."

He continued, "In January this year, the Financial Services Commission mandated ESG disclosure from 2025 for listed companies with assets over 2 trillion won, and from 2030 for other listed companies," emphasizing, "ESG management has already become a reality before our eyes."

The Korea Venture Innovation Society held its autumn academic conference on the 17th at the Federation of Korean Industries building in Yeouido, Seoul, under the theme "ESG Management of Small and Medium Venture Innovation Companies." Photo by Hyunmin Kim kimhyun81@

However, he assessed, "The dominant-subordinate relationship between large corporations and small and medium enterprises still exists, and cases of unfair practices resulting in fines have occurred," adding, "It is difficult to say that Korean companies are currently fulfilling their social roles and responsibilities."

Chairman Jeong requested that large corporations voluntarily take the lead in building a sustainable and healthy economic ecosystem while faithfully fulfilling their primary mission of profit generation.

Furthermore, emphasizing corporate innovation, he insisted, "We must establish an institutional environment where venture companies can grow into global large corporations." He also advocated for expanding investment in various source and core technologies and the necessity of talent education that fosters creative thinking.

Finally, Chairman Jeong stated, "We must move toward an innovative society where creative thinking is accepted and fair and flexible systems are established," adding, "Innovation is necessary to solve issues of low growth and polarization. The entire Korean society must innovate."

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