Son Kyung-sik, Chairman of the Korea Employers Federation, Secures Third Term

Unanimous Reappointment at the Regular General Meeting
Interest Grows in What Moves Will Be Made During the Period of Change

[Asia Economy Reporter Kiho Sung] Sohn Kyung-shik, chairman of the Korea Employers Federation (KEF), has succeeded in securing a third term. Sohn, who took office as chairman of KEF, one of the five major economic organizations, in 2018, will lead the organization until 2024. With evaluations that he has firmly established KEF’s status and amid a period of change with the new government taking office, the business community is focusing its attention on what kind of actions Chairman Sohn will take.

KEF held its regular general meeting on the 22nd and nominated Sohn as the next chairman. The term for KEF chairman is two years, but there is no limit on reappointment. The late Kim Yong-ju, the first chairman of KEF and former chairman of Jeonbang, and the late Lee Dong-chan, honorary chairman of Kolon and the second chairman, served for 12 and 15 years respectively.

Chairman Sohn stated, “To create an environment where our companies can freely focus on business activities, we will improve unreasonable regulations in the industrial field and propose alternatives to strengthen corporate competitiveness.” He emphasized, “In particular, we will correct anti-business legislation that constrains businesspeople, such as the Serious Accidents Punishment Act, and improve the rigid labor market so that our companies can respond to changes in industrial structure.”

He also said, “We will establish strict and fair rule of law to eradicate illegal acts in the industrial field and strive to create an advanced labor-management relations environment.”

Chairman Sohn is evaluated to have raised KEF’s status to a higher level during the past four years of leadership. This is because the Federation of Korean Industries (FKI) significantly lost its standing after the political scandal in 2016. Since the launch of the Moon Jae-in administration, KEF has frequently participated in discussions on various economic issues and has been recognized as a communication channel for the business community along with the Korea Chamber of Commerce and Industry. Chairman Sohn has faithfully represented the business community by voicing opinions on economic issues.

Although Sohn’s third term proceeded smoothly, challenges remain significant. He has emphasized the need for integration with the FKI. In a recent press conference, Sohn said, “KEF has played the role of economic organization head for the past five years, but is there a need to have two such organizations?” He stressed, “There are economic organizations in Korea, but there is no place that plays a role in designing and leading the future of our country.”

Another major task is how the newly established government and KEF will set their relationship. It is pointed out that through appropriate relations with presidential candidates, practical changes different from the past four years must be brought about.

Meanwhile, through the regular general meeting, KEF reappointed executives including Lee Dong-geun, full-time vice chairman, 18 non-standing vice chairmen, and auditors upon the chairman’s recommendation. It also appointed five new non-standing vice chairmen: Moon Hong-sung, president of Doosan; Lee Hyung-hee, chairman of SK SV Committee; Jung Sang-bin, vice president of Hyundai Motor Company; Choi Won-hyuk, president of LX Pantos; and Heo Se-hong, president of GS Caltex.

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