The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Royal palaces in Seoul offer free access during Chuseok holiday

  • 3

    Korean Baek In-chul wins stunning swimming gold

  • 5

    Koreans adapt to soaring food prices

  • 7

    American soldier who crossed into North Korea arrives back in the US, video appears to show

  • 9

    Korea wins gold in League of Legends competition; Faker tops podium

  • 11

    Blinken to release Chuseok message for S. Koreans for 3rd year

  • 13

    Over 2,200 aging applicants for reunions of separated families died this year: gov't data

  • 15

    Daejeon hosts 14th int'l play festival

  • 17

    Korea claims third consecutive gold in men's team sabre fencing

  • 19

    S. Korea elected as IAEA board member for 2023-25

  • 2

    INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz

  • 4

    Travis King in US custody after expulsion by N. Korea: Washington officials

  • 6

    Education ministry prohibits parents from recording classes

  • 8

    BTS' Jungkook to drop 2nd solo single

  • 10

    Drug offenders using dark web increasing rapidly: report

  • 12

    BOK likely to stand pat again next month on Fed's rate freeze, slowdown

  • 14

    1st gold in Hangzhou leaves N. Korean shooters in tears

  • 16

    N. Korea stipulates nuclear force-building policy in constitution

  • 18

    China launches first cross-sea bullet train line near Taiwan Strait

  • 20

    Kim Woo-min snatches gold in freestyle swimming

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
Sat, September 30, 2023 | 17:52
Editorial
CEO pay transparency
Posted : 2015-08-16 15:55
Updated : 2015-08-16 15:59
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Some chaebol owners have avoided disclosing detailed information on their pay or compensation packages, taking advantage of regulatory loopholes.

This can no longer be tolerated as the government, workers and employers need to share the burden of reforming the labor market, an issue that will greatly affect the future of the nation.

The main opposition New Politics Alliance for Democracy (NPAD) has now declared its readiness to act on three pending bills.

We urge the ruling Saenuri Party to ensure speedy legislative action for full disclosure of information about big paychecks with no exceptions.

The current law first implemented last year as the result of the revision on the Capital Market Law, requires the total amounts paid to legally liable "registered" executives to be disclosed, while limiting individual disclosure to people who make 500 million won or more.

Three bills are pending. Two call for the mandatory individual disclosure by registered and unregistered executives, controlling shareholders and C-level executives. The third bill seeks to limit the disclosure requirement to top five wage earners. Pay by definition is the total amount one gets paid excluding the nontaxable portion.

These bills have their pros and cons but the priority lies in disclosure to the fullest extent at the earliest possible timeframe.
NPAD floor leader Lee Jong-kul was right when he said, "Some chaebol owners opted for nonregistered status so as to receive a big paycheck without being subjected to a disclosure requirement."


Big shareholders, who are involved in management in 37 conglomerates, or 16 percent of 237 opted for and maintained their unregistered status to skip the requirements for disclosure. They include the bed-ridden Samsung Electronics Chairman Lee Kun-hee, SK Chairman Chey Tae-won, Shinsegae Chairman Lee Myung-hee and Vice Chairman Chung Yong-jin. There arises a need to extend the disclosure net to those, irrespective of their status, who influence the management of a given firm, considering the case of Hanwha Chairman Kim Seung-youn, who delisted himself as executive in all subsidiaries but receives a hefty compensation package.

In the United States, those receiving large paychecks are required to reveal pertinent details.

The transparency of pay at the top is indispensable as the basis for labor market reform, which relies heavily on burden sharing. For instance, a wage peak system calls on higher-earning workers to cede part of their pay to create more jobs for young people. If the sacrifice is forced only on workers and well-paying executives stay away, the labor reform will face great difficulty in creating a consensus for success.

The National Assembly is expected to play its role by taking legislative action on the pertinent bills, which were submitted in April, with no more delays to provide a legal framework for disclosure.

 
miguel
wooribank
LG
Top 10 Stories
1Guide to Chuseok celebrations across Korea Guide to Chuseok celebrations across Korea
2Chuseok exodus begins ahead of extended 6-day holiday Chuseok exodus begins ahead of extended 6-day holiday
3Korea sees record-low births in July Korea sees record-low births in July
4Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District Hyundai E&C to build upmarket apartment complex in Seoul's Gwanak District
5Political battle intensifies after court rejects Lee's arrest warrant Political battle intensifies after court rejects Lee's arrest warrant
6Korea on track to prove esports prowess at Asian Games Korea on track to prove esports prowess at Asian Games
7[INTERVIEW] Risk-averse culture is forcing daring creators to flee showbiz INTERVIEWRisk-averse culture is forcing daring creators to flee showbiz
8DMZ Open Int'l Music Festival to be held in Goyang in November DMZ Open Int'l Music Festival to be held in Goyang in November
9Lotte focuses on health care, mobility to spur growth Lotte focuses on health care, mobility to spur growth
10Two Koreas trade barbs over nuclear war Two Koreas trade barbs over nuclear war
Top 5 Entertainment News
1Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
2[INTERVIEW] 'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director INTERVIEW'Coexistence of different art hubs across Asia is necessary': Art Week Tokyo Director
3[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
4Rwandan artists bring diversity to Seoul's art scene Rwandan artists bring diversity to Seoul's art scene
5[INTERVIEW] ONEUS returns as 'mermaid prince' INTERVIEWONEUS returns as 'mermaid prince'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group