Lee Chan-hee, Chairman of Samsung Compliance Oversight Committee, "Careful Review Needed for Rejoining Federation of Korean Industries"

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Lee Chan-hee, Chairman of the Samsung Compliance Committee, said on the 18th that "more careful consideration is needed" regarding Samsung's potential return to the Federation of Korean Industries (FKI).

Chairman Lee made these remarks on the morning of the same day before the July regular meeting of the Compliance Committee held at the Samsung Life Seocho Building in Seocho-gu, Seoul, when meeting with reporters.

He stated, "In the past, the FKI had the harmful link of collusion between politics and business," and added, "There needs to be more careful consideration about whether Samsung will rejoin the FKI." He also noted, "The committee itself has not yet exchanged any opinions on this matter."

Lee Chan-hee, Chairman of Samsung Compliance Monitoring Committee. / Photo by Jinhyung Kang aymsdream@

Chairman Lee clarified that a definite reform of the FKI is a condition for rejoining. He said, "It is also important whether the FKI is willing to respect the freedom and creativity of the economic society as stipulated in Article 119, Paragraph 1 of the Constitution," adding, "A firm 'Copernican revolution' in mindset by both political power and the FKI itself is necessary." He further stated, "If the issue of rejoining the FKI is discussed, it will also be discussed within the Compliance Committee."

Regarding Samsung Electronics Chairman Lee Jae-yong, who is approaching the first anniversary of his reinstatement on the 12th of next month, Chairman Lee said, "Overall, the economy is in a crisis situation," and added, "Having a commander who can navigate through the crisis plays a significant role in the company."

The first term of the Compliance Committee was launched in 2020, and the second term began in February last year. It is an independent Samsung organization. It was established after the retrial court of the National Pension Scandal case ordered Samsung to establish an internal compliance monitoring system. The committee oversees compliance monitoring for seven affiliates: Samsung Electronics, Samsung C&T Corporation, Samsung SDI, Samsung Electro-Mechanics, Samsung SDS, Samsung Life Insurance, and Samsung Fire & Marine Insurance.

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