Controversial remarks made during a government-hosted forum discussing the distribution of excess profits in the semiconductor industry have quickly sparked debate.
On July 14, a forum titled "A New Path for Social Innovation in Line with AI Technological Innovation" was held at Peace and Park in Yongsan, Seoul.
This forum was organized to expand discussions on excess profit distribution, initially triggered by the controversy surrounding Samsung Electronics' performance bonuses. The government explained that the purpose was to discuss how to share the excess profits generated during the transition of the semiconductor and AI industries with workers, partner companies, and society as a whole. Topics included the concept of excess profits, an N% performance bonus system, wage disparities between primary and subcontractors, and methods for sharing social benefits.
During the forum, a representative from the Korean Confederation of Trade Unions stated, "I believe shareholders do not have ownership rights to corporate profits," adding that "dividends are merely a procedurally defined right." This statement shocked many and emerged during discussions about shareholder rights and profit distribution structures.
Viewers watching the forum live immediately criticized the remarks. Comments included, "If you want to eat profits, buy stocks," "Are you going to interfere with jobs too?" and "Why is there only notification without opposing opinions?" Others expressed disbelief, stating, "Jobs depend on individual abilities; this is absurd," and "You should distribute your salaries too."
The statement quickly spread across various online communities. In conservative forums frequented by those in their 20s and 30s, reactions included, "The most shocking part was the claim that shareholders have no rights to profits," and "Why call it a discussion forum when it’s just a scripted presentation?" Many noted the lack of opposing views, with officials and judges seated right in front.
Progressive forums also echoed criticism. Posts capturing the union representative's statement quickly gained traction, with reactions like, "Shareholders have no rights to profits?" Users questioned, "Do they not understand the meaning of a joint-stock company?" and "Is everyone receiving basic education?" Some even compared the remarks to those of the Chinese Communist Party, stating, "This is worse than communism; it’s almost at the level of North Korea's Kim Jong-un."
Other users suggested, "It seems we need to disband the Korean Confederation of Trade Unions," and called for the president and lawmakers' salaries to be subject to excess profit recovery based on minimum wage standards. Comments included, "It feels like they are just repeating 'do it' without understanding economic principles," and "Why should profits be shared with someone who isn’t even a shareholder?" Many expressed their disillusionment with the Democratic Party, stating, "I will not support the Democratic Party in my future," and urged, "Ministers and professors should also share their salaries and bonuses with students and staff."
However, it remains uncertain whether the remarks made during the forum will lead to actual policy changes. The government plans to gather opinions from labor, academia, and experts following this forum to consider potential institutional improvements.
* This article has been translated by AI.
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