S. Korean middle market enterprise federation shares strategies for compliance management

By Kim Joo-heon Posted : March 26, 2024, 10:57 Updated : March 29, 2024, 22:19
Courtesy of FOMEK
FOMEK Vice Chairman Lee Ho-joon [Courtesy of the Federation of Middle Market Enterprises of Korea]

SEOUL, March 26 (AJU PRESS) -- South Korea's middle market enterprise federation has shared strategies for adapting to regulations related to fair trade and other business-related policies. During the briefing, the association stressed the importance of understanding relevant regulations to ensure businesses maintain effective compliance amidst the shifting legal environment.

According to data released by the Federation of Middle Market Enterprises of Korea (FOMEK), middle market firms are significantly impacted by legal changes, such as the Subcontracting Act, which oversees the relationship between main contractors in financially dominant positions and subcontractors to ensure fair dealings and safeguard subcontractors' rights. However, many mid-market companies face difficulties in establishing compliance monitoring systems due to a lack of information and resources.

FOMEK said on Monday that it held a fair trade policy briefing for mid-sized enterprises, focusing on analyzing legal and regulatory changes. At the event, FOMEK shared best practices for fair trade operations. Approximately 100 employees from medium-sized enterprises, including Dongin Engineering, Asung Daiso, and YulChon Chemicals, attended.

"To prevent unintentional violations stemming from lack of awareness, we will distribute updates on legal and regulatory trends and collaborate with government agencies, including the Fair Trade Commission, the National Assembly, and relevant organizations, to create various compliance support programs for middle market enterprises," FOMEK's Vice Chairman Lee Ho-joon said during his opening speech on March 22. Lee also emphasized that the freedom of corporate activities should be grounded in ethics and responsibility.
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