Lee Chan-hee, chairman of Samsung's Compliance Committee, emphasized the need for humility in the face of ongoing disputes over performance bonuses and labor relations following the conclusion of wage negotiations at Samsung Electronics. He stated that both policy and corporate operations should be oriented towards the public.
During a regular meeting of the fourth-term Compliance Committee held on July 21 at Samsung Life's headquarters in Seocho, Seoul, Lee addressed key issues surrounding Samsung Electronics in a conversation with reporters.
He likened the recent volatile business environment in the first half of the year, including the performance bonus controversy, to a "rollercoaster" and quoted a favorite Korean proverb, "Gogo Sachu Jiman Gyeil," which warns against complacency when at the top and the dangers of overflowing when full. This underscores the need for restraint and humility in corporate governance and policy implementation.
"It is indeed challenging to predict changes in labor relations and stock prices in the first half of the year," he said, stressing that both government policies and corporate operations must maintain a humble attitude towards the public.
He also referenced Article 119 of the South Korean Constitution, stating, "The national economic order must proceed according to principles within the framework of the Constitution." This article respects the economic freedom and creativity of individuals and businesses while ensuring fair income distribution and harmony among economic entities. His remarks were interpreted as a call for balance and harmony between labor and management amid recent conflicts over compensation disparities between business units and the political debate over excess profit distribution following the establishment of special performance bonuses.
However, Lee clarified that there are currently no specific agenda items under review by the Compliance Committee regarding the performance bonus issue. He maintained a cautious stance, indicating that they would consider any formal requests or board agenda items that arise in the future.
Regarding the three mega projects planned in Jeonnam and Gwangju, he noted, "There has not yet been any concrete progress on investments in the Honam region, so it is not the time to discuss whether to review them." He added that if the projects are formally proposed, they will examine the circumstances under which investment plans were initiated and whether proper procedures were followed within the framework of compliance.
Nevertheless, Lee made it clear that the Compliance Committee is not a management body and does not engage in specific management decisions.
For the second half of the year, he stated that the Compliance Committee plans to focus on developing various opinions on significant social issues, such as labor relations, from a compliance monitoring perspective.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.