South Korean President Park Geun-hye formally declared a ‘war against regulation.’

Park pledges to combat regulation
Kim Seon-gul, Lee Jae-cheol
2014.03.20 17:58:30
South Korean President Park Geun-hye formally declared a ‘war against regulation.’
“Regulation reform is the extraordinary measure needed for the Korean economy,” said the President at the Presidential Office Thursday as she presided the first ministerial and private-public meeting on regulation reform.

“A foreign consultancy specialist [McKinsey] compared the Korean economy to ‘a frog in boiling water’ last year, warning the country would fall without taking extraordinary steps towards reforms,” President Park said.
“I center on regulation reform because [this would lead to] job creation,” she said as she clarified her goal. “Regulation reform is the sole cost-free key [to economic innovation and a new leap forward].” She also added “as for civil servants who actively interpreted rules and executed them in a way benefitting the public and corporations, there is a need to review establishing a system that grants immunity from audit to such public servants even when issues arise later.”
President Park stressed the need for regulatory reform by using her strong tone of voice and item-by-item instructions, saying “useless regulations that blocks job creation are a crime.”
During the meeting, the Office for Government Policy Coordination under the Prime Minister’s Office briefed Park on the plan to eliminate 10 percent of 11,000 registered regulations on business activity within this year and 20 percent during her tenure.
All ministries will introduce the “Cost-in, Cost-out” system, in order to remove an old regulation for every new regulation made, a ceiling system to keep the total cost of regulations from rising.
The government will also introduce a negative approach to creation of new regulations and apply the sunset law so they are automatically removed after a certain period of time.
Registration for reportedly thousands of unregistered regulations will also be encouraged. As a result, government ministries will be encouraged to report unregistered regulations through June and while unregistered regulations will be explored through a fact-finding survey under the supervision of the Office for Government Policy Coordination and the Ministry of Government Legislation.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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