[Editorial] Say the Right Thing

Minister of Justice Kim Sung-ho said yesterday during an interview with this paper, “I am committed to playing a role in creating a business-friendly climate in Korea.” This is one of the rare welcomed news that came from this administration. To this end, he said that he would review the revised commercial bill adopted last year by the Ministry of Justice. Under the revised law, shareholders with one percent or more of the parent company stocks can file a lawsuit for any illegal activities committed by the board of directors of its unlisted subsidiary, which was under criticism from the Korean economic community as an “unprecedented regulation in the entire world.” The revised law also includes the banning of “usurpation of corporate opportunity” to prevent individuals from making profit by using opportunities that can be conducive to creating corporate profit. However, the clause was also criticized as harmful for its vagueness of meaning. When the amendment is reviewed, such clauses made out of populism in order to control corporations should be abolished.

Minister Kim also said, “Since the Ministry of Justice is not in charge of economic issues, there is a limit in my effort to enhance the business environment.” What would all ministers of economy-related agencies think if they heard his remark? They should reflect on whether they have been more than ready to limit corporate activities to take the side of some civic groups and reluctant to assist corporations for fear of being branded as pro-corporation politicians.

Within the ruling Uri party, Chairman of Policy Committee Kang Bong-kyun has virtually designated party Chairman Kim Geun-tae as “the leftist” and called for him to step down from the front line of politics. Chairman Kang made his position clear by saying, “When a new party is formed by integrating other political forces, the new party should place its priority on engaging the middle-class people in designing its policy on economy or North Korea.” Since his policy serves the interest of Korea and the Korean people, we believe his policy direction aligns with public concern. In response, party Chairman Kim has denounced the practical wing within the party as a quasi-Grand National Party. It seems that Uri Party chairman Kim does not have the ability to assess whether the practical line is in the interests of the public or not regardless of the real similarities between the ruling party members with the practical line and the Grand National Party. It feels like what he cares about the most is party identity.

Chairman Kim suggested a “New Deal” last July as a way to promote social agreement, but since the suggestion made in the first place was to find a breakthrough in the ruling party’s big failure in the re-election and by-election, it ended up as empty rhetoric after just one or two months. At the end of last year, he chose popularity over the livelihood of the Korean people once again by saying that he would ensure the real pre-sell price of apartments to be disclosed at any cost.

If politicians like Minister Kim and lawmaker Kang had been the dominant forces of the ruling party for the past three or four years, the party’s approval rating would not have fallen to single digits. And then, the ruling party would not have had to make all the fusses to integrate other political forces and launch a new party. If the ruling party and the government have any intention to enhance national interests and public welfare, it should reflect the practical policy view of such people in governing the nation.