[fn Editorial] Global Car Contributor Hyundai Motor's 3rd Generation Chairman

Chung Ju-yung, founder chairman of Hyundai Motor Group, honorary chairman Chung Mong-koo, and chairman Chung Eui-sun have been selected as recipients of the 100th anniversary award by a leading overseas automotive media. The reason for their selection is their key role in transforming the ruins of Korea into a global manufacturing powerhouse and automobile kingdom. This media is the U.S. Automotive News, founded in 1925, and is considered the most authoritative automobile magazine in the world.

It makes us reflect on the achievements of our companies that led the miracle of the Korean economy. There are countless anecdotes showing the determination of founder chairman Chung Ju-yung. The case of obtaining a loan from Barclays Bank in the UK by presenting the turtle ship depicted on the back of a 500 won bill is very famous. When they were ignored for asking what kind of shipyard a country that had never built a ship could have, they boldly claimed that they had already built ironclad ships in the 1500s. During the construction of the Jubail Industrial Port in Saudi Arabia, they used an extraordinary strategy to meet the deadline. All equipment was manufactured domestically and transported on a large barge to the Gulf. Overseas praise poured in. The challenges and achievements of the founder chairman will serve as an excellent example for our young people today.

The record of Hyundai, which developed its own models and pursued technological independence in a barren land for automobiles, is also proud. Honorary chairman Chung Mong-koo's persistent quality-first policy removed the cheap image and broke down the high walls of advanced markets. Chairman Chung Eui-sun raised design, quality, and technology, establishing Hyundai as one of the world's top three automakers. Despite numerous crises and adversities, they are highly regarded for creating a brand admired by the world.

The grand vision and indomitable will of entrepreneurs are the driving force for growth. A country becomes prosperous and creates jobs for its people when there are many entrepreneurs dreaming and challenging the world. Encouraging entrepreneurship and creating a foundation for creativity is the role of the government and political circles. In light of this fact, the current environment surrounding our companies is extremely disappointing.

The government asks for help from companies in times of urgency but turns a blind eye to anti-business legislation that companies appeal against. The business community is requesting a reconsideration of the Yellow Envelope Act (Amendments to Articles 2 and 3 of the Trade Union Act), which could cause great confusion in the industrial field. There has even been a final appeal for at least a one-year grace period. They argue that time is needed to adapt to the new system. If this is also ignored, where can companies find motivation? The same goes for the second amendment to the Commercial Act, which could seriously threaten corporate management rights. The ruling party is pushing for stronger provisions, even after the first amendment expanded the fiduciary duty of directors to shareholders. The second amendment includes mandatory cumulative voting and expanded separate election of audit committee members.

The future of companies is overshadowed by the endless U.S.-initiated tariff war and protectionist barriers around the world. The only strength to overcome hardships is strong entrepreneurial spirit. To revive this, the government and the ruling party must stop pushing legislation.