The hedge fund’s legal offensive to thwart the merger deal had rocked the nation’s top conglomerate Samsung Group.

Defensive measures against activist shareholders suggested by the business circle included the so-called “poison pill” ― giving shareholders the right to buy more shares at a discount if one shareholder buys a certain minimum percentage of the company’s shares ― and the “dual-class stock system” ― offering major shareholders the right to exercise multiple votes.

KCCI chairman Park, who leads Doosan Group, also urged local companies to improve their governance to raise their competitiveness and maximize shareholders’ value in their bid to protect themselves from attacks by short-term gainers.

He also requested that the government should include imprisoned business tycoons in its pardon to mark Liberation Day, which falls on Aug. 15.

“If the government pardons ordinary citizens, entrepreneurs should be included as well,” he said. “It is right to suggest that if businesspeople are excluded, it is discrimination.”

Possible beneficiaries from the special amnesty include SK Group chairman Chey Tae-won, the group’s vice chairman Chey Jae-won, and Hanwha Group chairman Kim Seung-youn.

Regarding the economic outlook for the second half of this year, Park forecast slower-than-expected recovery due to worsening external business conditions, including an economic crisis in Greece, strong yen and growing concerns over the Chinese economy, and protracted slump in domestic consumption.

“Despite such difficulties and challenges, the global economy is expected to recover (at a moderate pace). The real issue ahead of the global economy is that it faces a so-called ‘new normal’ era, featured by low growth. And Korea is no exception,” Park said.

Based on the macroeconomic trends, the KCCI head urged Korea to push for structural reforms in the regulatory environment, services and labor in preparation for the new era of growth.

“Time is running out to bring necessary changes to society,” he said.

By Seo Jee-yeon
(jyseo@heraldcorp.com)