People Power Party floor leader Jung Jeom-sik on Wednesday criticized the government of President Lee Jae-myung and the Democratic Party, saying "the Yellow Envelope Law and the 'tougher Commercial Act' that the Lee Jae-myung administration and the Democratic Party forced through are hampering the semiconductor cluster in Gwangju and South Jeolla Province."
Speaking at a floor leadership meeting held at the National Assembly that day, Jung said, "This is the result of Lee Jae-myung-style 'populism world.' It is shooting oneself in the foot with an axe." He said, "Samsung Electronics' labor union and minority shareholder groups are pushing back against the new semiconductor plant projects in Gwangju and South Jeolla announced by Samsung Electronics and SK hynix."
Jung pointed out, "The Samsung Supra-Company Union proposed a forum for labor-management-government dialogue, saying industrial safety at the sites where union members will work, housing and environmental infrastructure must be in place, and that treatment must be supported." He added, "The very legal basis that allows unions to step up and demand consultation on corporate investment decisions is the Yellow Envelope Law (a revision of the Trade Union and Labor Relations Adjustment Act)."
He continued, "The Korea Shareholders' Movement Headquarters, a minority shareholder group, demanded that Samsung Electronics and SK hynix hold shareholder briefings, saying there was no explanation to the shareholders who are the owners of the company during the decision-making process for the mega projects." He said, "The tougher Commercial Act, which the Democratic Party passed under the pretext of preventing the tyranny of major shareholders and protecting the interests of minority shareholders, will take effect sequentially starting late this month. Given the intent of the Commercial Act revision, the argument that trillions of won in large-scale investment should not be decided in secret by the president and corporate chiefs, but should undergo shareholder verification and consent, is reasonable."
Jung said, "This is the result of populist state governance created to target the support base by chasing only political gains without sufficient deliberation," and demanded, "President Lee should completely overhaul the populist stance even now."
