On March 1, 2025, the Daegu City Council convened to deliberate on pressing corporate ethics issues, reflecting increasing public concern over corporate behavior and accountability. The meeting, which was attended by council members, business representatives, and civic groups, showcased both the urgent need for stricter regulations and the potential impact of corporate actions on local communities.
During the session, council members unanimously agreed on the necessity of fostering transparent business practices, with many arguing this is especially important amid the rising tide of corporate scandals. The council's push aligns with citywide efforts to bolster corporate responsibility and restore citizen trust following high-profile ethical breaches.
A pivotal moment came when Council Member Kim Joon-ho, addressing attendees, stated, "We are at a turning point—the actions we take today will shape the corporate environment for generations to come. It’s our duty to instill ethical values within our business community, ensuring they prioritize the welfare of the public alongside profit."0
This sentiment was echoed by several other council representatives, who articulated the broader societal expectations for corporations. There is noticeable anxiety among the public, especially after previous incidents where local companies faced backlash for unethical practices. Accordingly, many citizens are advocating for regulations requiring companies to conduct regular audits and disclose their compliance with ethical standards.
The Daegu City Council proposed several key initiatives aimed at enhancing corporate accountability. One of the initiatives includes establishing strict guidelines for corporations operating within the region, mandatorily requiring them to report their ethical practices. Council members are also seeking to create partnerships with local businesses to develop educational programs on corporate ethics.
Nonprofit organizations and local entrepreneurs were present at the meeting, voicing their support for the council’s initiatives. Mr. Park Hyun-soo, representing the Daegu Small Business Association, emphasized the positive outcomes of ethical corporate behavior, saying, "When businesses operate with integrity, they not only cultivate loyal customers, but they also strengthen the community by investing back through socially responsible practices. This benefits everyone." This was seen as particularly relevant as city residents demand local investment from large corporations.
Several overarching issues were highlighted during discussions, including how corporate malfeasance can lead to significant public distrust, economic downturns, and adverse effects on community welfare. The council underscored the importance of taking swift actions to mitigate these risks.
Council Member Lee So-yeon brought light to the recent wave of investor activism, stating, "Investors are becoming increasingly aware of the ethical standards of companies. They want to know how their investments will impact communities and the environment. Our regulations must align with these investor expectations to sustain economic growth." Investors, she added, are waiting for companies to demonstrate commitment to corporate governance as a prerequisite for funding.
Throughout the meeting, there were discussions on how to build public trust back through company actions. It was suggested to hold corporations accountable through community forums where citizens could plead their concerns directly to company executives. This, officials believe, would bridge the gap between businesses and the communities they serve.
One of the more contentious points of the day revolved around the varying opinions on whether self-regulation would be sufficient for businesses or if comprehensive legal frameworks were necessary. Some council members pushed for mandates requiring companies to develop compliance programs and ethics-trained personnel as part of their operational standard.
Despite disagreements on methods, the council exhibited strong cohesion on the need for reform. The sessions included smaller breakout discussions where council members collaborated to draft ethical guidelines for firms operating within Daegu.
Public response to the meeting and the proposals made by the council has so far been encouraging, with many residents expressing hope for a more transparent approach from local businesses. A local resident, Mrs. Shin Ah-reum, shared her views after the meeting, stating, "I think what the council is doing here is important for us. We need to understand how companies make their decisions and how those choices affect our lives. I want to support businesses, but I also want them to be fair and ethical."0
By the end of the meeting, council members voted unanimously to move forward with the proposed initiatives, signaling to the public and businesses alike their commitment to ethical practices and transparency. There remain concerns, though, about how readily businesses will adapt to these proposals and whether they will be enforced effectively.
Post-meeting, there was visible optimism among council members and attendees. The council’s commitment to corporate ethics has sparked renewed community engagement, highlighting the importance of citizen involvement and public discourse surrounding corporate practices. There is hope this momentum will contribute substantially to the creation of a local economy built on ethical foundations.