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한상넷 로고한상넷

전체검색영역
Scandal-ridden FKI vows massive reform
Collected
2017.03.26
Distributed
2017.03.28
Source
Go Direct
FKI Chairman Huh Chang-soo

FKI Chairman Huh Chang-soo

The Federation of Korean Industries (FKI), the largest lobby group for Korean conglomerates, pledged a massive reform to improve transparency.

“We will only concentrate on our role as an organization for the nation’s economy,” Huh Chang-soo, chairman of the FKI said when he announced a reform plan last Friday. The Korean name of the federation will also be changed, though its English name has not been decided yet.

Huh also made a public apology for involving in the influence-peddling scandal of former President Park Geun-hye and her close friend Choi Soon-sil. The group has come under fire for arranging corporate donations for organizations run by Choi. Top four chaebols including Samsung, SK, Hyundai Motor and LG Goup withdrew from the group following the scandal that led to the ouster of Park.

The group decided to streamline its roles by eliminating social contribution activities and assigning its roles for business and industry research to Korea Economic Research Institute (KERI). “We will cut the size of the organization and budget by around 40 percent,” said Huh.

The FKI and KERI will be streamlined sharply but KERI will expand its field of studies to the nation’s low birth rate and the fourth industrial revolution.

In order to improve its image of serving only for big businesses and chaebol, the group also decided to abolish the chairmen’s meeting of the nation’s conglomerates. “We will clean up our image of representing only conglomerates,” Huh said. “We will set up a new board consisting of management experts of member companies for important decision-making,” he added.

By Jung-wook

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]