Chairman Chey Tae-won: "Companies Must Understand Citizens' Priorities and Create New Roles"

KCCI Holds New Year's Meeting of Economic Circles
Choi Tae-won Attempts TED-Style Lecture
"We Must Think About What to Do for Future Generations, Not Just Making Money"

[Asia Economy Reporter Hwang Yoon-joo] Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI) and Chairman of SK Group, stated on the 4th, "We need to understand what the era and society want and redefine the role of companies."

Chairman Chey made this remark at the KCCI-hosted New Year's greeting event for the business community held at the International Conference Hall of the KCCI building in Jung-gu, Seoul, in the afternoon. He said, "The public's evaluation of our companies is a 'B grade.'"

The KCCI-hosted New Year's greeting event is the largest New Year event in the business sector. This was Chairman Chey's first time hosting the event since his inauguration, where he exchanged New Year's greetings with political, governmental, and business leaders. Unlike previous years, he emphasized the redefinition of the corporate role through a TED-style lecture, presenting on public perception of companies and their roles.

At the event, Chairman Chey said, "Since taking office as KCCI chairman, I have been contemplating the new role of companies and seeking answers," adding, "Over the past six months, I have listened to the opinions of over 30,000 citizens and businesspeople to glimpse the public's expectations of companies."

He continued, "When asked to grade our companies, most people gave a B grade," and introduced that "while companies empathized with this evaluation, some felt it was unfair, showing a difference in perspectives."

Chairman Chey explained, "There seems to be a difference in the priority perception regarding the role of companies and value creation," adding, "Companies input resources, but from the public's viewpoint, the output appears insufficient."

He also pointed out, "There was a lack of communication that prevented the achievements of corporate activities from being fully conveyed," and warned, "If this perception gap is not resolved, there will inevitably be a difference between how companies see themselves and how the public sees them."

Chairman Chey emphasized, "One promise I can make is that the business community will reflect on itself, spur itself on, and innovate to create value," stressing, "Now, companies must not only make money but also fulfill roles that society needs."

To bridge the perception gap between companies and the public, Chairman Chey diagnosed the need for efforts such as ▲ measuring the social value of corporate activities ▲ understanding the priorities of the public (stakeholders) ▲ expanding communication.

He pointed out, "It is necessary to measure the social value created by companies, jobs, taxes, social contributions, environmental issues, etc. These must be clearly measured according to the public's priorities. We currently lack measurement tools."

He also emphasized, "It is important to accurately understand the public's priorities," and "It is crucial to grasp the voices of citizens, consumers, shareholders, and members in their respective positions."

Finally, he said, "Communication is necessary to close the perception gap," adding, "We have created a communication platform where anyone can participate, so if companies have made mistakes or there are inconveniences in doing business that need improvement, communication can take place."

He also proposed strengthening communication between the public and companies and establishing a system to measure the social value created by companies, providing incentives to companies that create social value.

Meanwhile, last year's New Year's greeting event for the business community was held online due to the COVID-19 pandemic, but this year it was held in person again. About 100 key figures from politics, government, business, and labor sectors attended, including Prime Minister Kim Boo-kyum, Minister of Trade, Industry and Energy Moon Seung-wook, Democratic Party leader Song Young-gil, People Power Party leader Lee Jun-seok, and Ahn Cheol-soo, leader of the People’s Party and presidential candidate.

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