Kim Jung-kwan, Minister of the Ministry of Trade, Industry and Resources, said of Samsung Electronics, which is facing shareholder backlash over a performance bonus agreement, "We are now at a crossroads where this could be poison or medicine."
On the 27th at a dinner meeting with the press corps, the Minister said this when asked, "With attention focused on the impact of the Samsung Electronics strike on exports and the national economy, isn't it necessary to strengthen the principle of fiduciary responsibility (stewardship code) for core corporations in strategic industries," and stated accordingly.
The stewardship code is a principle that encourages institutional investors to actively participate in the management of the corporations they invest in to enhance shareholder value. Earlier, after Samsung Electronics labor and management, following a general strike crisis, produced a tentative agreement on the 2026 wage and collective bargaining agreement that passed with 73.7% approval in a union vote, a shareholder group, the Korea Shareholder Action Headquarters, objected, saying the agreement is illegal. Its reason was that an outflow of company funds is not a matter for autonomous labor-management bargaining but one that requires a resolution of the shareholders' meeting.
The Shareholder Action Headquarters signaled a damages lawsuit against board members and the convening of an extraordinary shareholders' meeting, and pressed institutional investors such as the National Pension Service to actively implement the stewardship code.
The Minister said, "This is a crossroads to be judged by the members, including labor and management and the board," adding, "I hope this period for Samsung is shaped to become medicine."
Meanwhile, regarding the bid for Canada's next-generation submarine program (CPSP), estimated at up to 60 trillion won, the Minister leaned toward the possibility of winning the order. The Minister said, "I heard there is even talk on the Canadian side of Korea and Germany splitting six boats each," but emphasized Korea's edge, saying, "Our Jang Bogo–class exists in reality, while Germany is still in the design stage." The Minister added, "The price is good, and the specifications we can show are better than what is (Germany's) designed."
He also saw Korea as being ahead in terms of the industrial cooperation package proposal. The Minister said, "We presented Hyundai Motor hydrogen cars and Hanwha armored vehicles (for industrial cooperation) to Canada, and the Automotive Parts Manufacturers' Association of Canada issued a statement supporting Korea," adding, "Germany's Volkswagen talked a lot, but there has been no concrete action."
However, he acknowledged there are variables. The Minister said, "Canada is a member of the North Atlantic Treaty Organization (NATO)," adding, "It could make a strategic judgment in favor of its longtime friends in Europe."