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Some owners of conglomerates shy away from responsibility: watchdog

Industry 11:54 December 06, 2018

SEJONG, Dec. 6 (Yonhap) –– Members of families that control South Korea's eight top conglomerates opted not to register themselves as board members in their affiliates, the antitrust watchdog said Thursday, a move seen as shying away from managerial responsibilities.

The Fair Trade Commission (FTC) said that as of May, none of the owners and their children were board members of affiliated companies, including retail giant Shinsegae Group, and food and entertainment giant CJ Group.

The watchdog then said owners of family-run conglomerates are registered as board members at only 155 out of their 1,774 affiliates belonging to the largest 49 conglomerates, accounting for 8.7 percent of the total.

The FTC pointed out that some family members exert influence within the conglomerate without formally assuming responsibility.

Some owners of conglomerates shy away from responsibility: watchdog - 1

entropy@yna.co.kr
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