Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, expressed deep remorse over problems with the data reliability in a recent press release on inheritance tax and said he would carry out sweeping change and renewal. He plans to suspend KORCHAM-hosted events for the time being and put all executives through a vote of confidence.
On the 12th, according to KORCHAM, Chey sent a letter to all members of KORCHAM that day, saying, "Questions were raised about the reliability of the cited data, and we ourselves confirmed the problems," and added, "It is painful that a fundamental trust issue has been raised about us, who should diagnose economic phenomena and present policy alternatives."
He added, "Measures to prevent a recurrence limited to stronger fact-checking are far from sufficient," and stressed, "We must soberly look back on whether our pride as a statutory economic organization has degenerated into a rut. I ask you to look back on yourselves in your respective positions and approach your work with an extraordinary resolve to rebuild the organization."
Chey presented five reform measures that day. First, he said he would innovate the organizational culture and goals. He urged, "Rather than external yardsticks like the number of proposals, we must present practical policy alternatives on national tasks such as balanced regional development, easing polarization, tariff negotiations, youth jobs, and AI promotion."
He also decided to secure expertise. Chey believes it is necessary to bring in outside experts and create an environment where internal talent can be motivated in the right roles. In addition, he said KORCHAM would fundamentally reflect on its role. Chey said, "We keenly felt the high expectations of the public and the government for a statutory economic organization," and added, "All members must have a strong sense of social responsibility."
KORCHAM also decided to suspend for the time being events hosted by the chamber for reflection and self-examination. Chey said, "When a safety problem is found at a work site, work is often halted until the cause is identified and the problem is resolved," and added, "We will take a brief 'pause' until we are ready, through change and renewal, to stand again as an economic organization that puts the public interest and truth first." However, he made clear that the organization will participate responsibly in and actively support events and tasks at the national level.
A vote of confidence for all executives will also proceed. Chey said, "Reform must start from the top," adding, "I myself feel a heavy sense of responsibility."
Chey said, "I will return to my original intention at the time of taking office and fulfill all my responsibilities as chairman," and asked, "Let's turn this crisis into an opportunity and complete our internal overhaul quickly and firmly so we can be reborn as a more trusted institution."