South Korea’s business leaders fall silent amid risks

Last year, I attended the Berkshire Hathaway annual meeting in Omaha, where 93-year-old Warren Buffett calmly answered questions for five hours, showcasing his enduring presence. What stood out even more, however, were the approximately 30,000 shareholders, many of whom had lined up since early morning to attend the meeting.

Buffett, known for avoiding political commentary, speaks out when necessary. This year, many hoped he would address U.S. President Donald Trump's tumultuous trade policies — and Buffett did not disappoint. He stated, "Trade is not a weapon," calling it a "huge mistake" to turn allies into enemies. His remarks were widely reported, and in an era dominated by social media, figures like Buffett can help restore balance.

Similarly, JPMorgan Chase CEO Jamie Dimon and Citadel CEO Ken Griffin criticized Trump’s early administration. Dimon warned, "If this continues, U.S. credibility will plummet," while Griffin, a major Republican donor, stated that Trump was damaging the value of U.S. Treasury bonds.

Corporate CEOs also spoke out, with Apple CEO Tim Cook highlighting the financial impact of tariffs. "Trump’s tariffs will cost us $900 million in the first quarter alone," Cook said during a conference call. While facts can sometimes fuel political debate, the principle of providing shareholders with detailed information remains vital. In a democracy facing turbulence, these candid voices play a crucial role in sustaining public discourse.

In contrast, South Korean business leaders have grown increasingly silent. Apart from heads of major business organizations, it’s rare for executives or financial industry figures to openly criticize government policies. This is largely due to the growing belief that speaking out leads to personal or professional repercussions. At most, candid opinions are shared anonymously behind closed doors, but these off-the-record comments lack influence. Repeated statements from the same economic organizations are losing credibility.

The last time a business leader in South Korea publicly criticized government policy was in 2011, when Samsung Chairman Lee Kun-hee spoke out against the government’s proposal for profit-sharing. His statement, calling the proposal a "socialist term" that he didn’t understand, sparked significant backlash. These disruptions are essential to a functioning democracy, where diverse views challenge each other.

However, today’s controversies often stem from the political sphere or social media personalities, overshadowing more reasonable voices. As political power continues to grow, the voices that once kept government excesses in check are increasingly quiet. In South Korea, even senior business figures, much like Warren Buffett, are opting for silence, carefully weighing the risks of political engagement. The cost of this silence, driven by fear of reprisal, is ultimately borne by the public.