The 20th president-elect of South Korea. He served as the 43rd Prosecutor General and is scheduled to take office as President on May 10, 2022.
Let's take a look at his multi-talented pledges as president.
Intro
1. Relocation of the Blue House (Korea's Presidential Office)
South Korean president-elect Yoon Seok-yeol said he would relocate his office. Originally, the presidential office was called the Blue House, which is the same place as the White House in the United States. He promised to open the Blue House to citizens!
If this promise is fulfilled, it will serve as the presidential office for more than 70 years, and Cheong Wa Dae, which has watched the flashing of power, will disappear into history.
2. Commitments to ESG
In addition, the pledge for ESG was also announced, raising expectations for green growth in Korea. It will set up a public-private joint control tower related to ESG to promote more realistic measures for small and medium-sized companies that are blind spots for ESG management. The private sector and the government will work together to explore ways to realize sustainable management value. I hope that this will be kept well in the current situation where the government budget is tight.
His promise
May 10th is the date when Yoon Seok-yeol promised to return the citizens of Cheong Wa Dae.
"We will return both Nokjiwon and Sangchunjae, which are called the best gardens, to the people, including the guesthouse of the main building. In this case, the hiking trail from Gyeongbokgung subway station to Gyeongbokgung Palace, Cheong Wa Dae, and Bugaksan Mountain will also be opened."
The new office will be set up at the Ministry of National Defense in Yongsan!
"The Yongsan Defense Ministry and the Joint Chiefs of Staff are equipped with national security command facilities, so that Cheong Wa Dae can be returned to citizens completely, and there is little inconvenience for citizens involved in security measures. We will strengthen communication with the people during our term by creating hundreds of thousands of pyeong of national park space around the Yongsan Oval Office as soon as possible."
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| A picture of the Ministry of Defense in Yongsan |
As the presidential office moves into the Defense Ministry building, the Defense Ministry will move to the Joint Chiefs of Staff building. He also said he would use the Hannam-dong official residence.
What is Gyeongbokgung Palace, Bugaksan Mountain?
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| URL >>> Cultural Heritage Administration of Korea |
Gyeongbokgung Palace is one of the palaces of the Joseon Dynasty and the main palace and Buddhist palace of Joseon. It is the first palace built during the Joseon Dynasty when King Taejo Lee Seong-gye founded Joseon and moved the capital to Hanyang.
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| Map >>> Bugaksan Mountain |
Bugaksan Mountain (Cheongunbong Peak) is the main mountain of Gyeongbokgung Palace, which is important in terms of feng shui, and the majestic peak forms the background behind Cheong Wa Dae and Gyeongbokgung Palace, creating a spectacular view.
I'll post a review of the hiking route he mentioned later!
Map >>> Gyeongbokgung Subway Station
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Map >>> Gyeongbokgung Palace
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Map >>> Cheong Wa Dae
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Map >>> Bugaksan Mountain
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| 3.8 kilometer, 58 min |
Mention of his relocation to Yongsan
He first responded to concerns that moving from the official residence to the office could cause inconvenience to citizens.
"We expect it to take about three to five minutes to get in with traffic control. Proper use of time will not cause much inconvenience to citizens. We will complete the relocation as soon as possible and make sure that there is no problem with security."
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| Map >>> The Center of Seoul |
He also introduced a plan for the Yongsan office. He explained that in the future, the president will diversify and speed up the way he communicates with the media. It seems like a way for American presidents to communicate closely with the media. Until now, Korean presidents have been quite conservative and authoritative...
"We will set up a press center on the first floor of Yongsan's office to communicate with the media from time to time. We will reduce the number of Cheong Wa Dae employees and create as many secretariat and conference rooms as possible. The Defense Ministry will also open the area to allow citizens to enter the building by installing fences to the minimum extent necessary for the government office."
Brief History of Cheong Wa Dae
The current Blue House site was used as a sponsor of the palace when Gyeongbokgung Palace was founded in the 4th year of King Taejo of Joseon, and was also used as the official residence of the Governor-General of Joseon during the Japanese colonial period. After that, with the establishment of the Rhee Syngman administration in 1948, the presidential office was established here.
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URL >>> First President Syngman Rhee and Cheong Wa Dae |
The name Cheongwadae, which means a blue tile-roofed house, was first used by former President Yoon Bo-sun. After that, Cheong Wa Dae served as the office of former presidents and passed through turbulent modern history.
Events that have become an inflection point in history, including the "1·21 incident" in which North Korean armed members, including Kim Shin-jo, penetrated the mountains behind Cheong Wa Dae and the "10·26 incident" in which former President Park Chung-hee was killed. Criticism has also been continuously raised that the closed structure of Cheong Wa Dae hinders communication with the public. As a result, former President Kim Young-sam and other previous presidents considered moving the presidential office, but failed to implement it due to practical limitations.
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| Cheong Wa Dae Guard on Alert (1997) |
Cheong Wa Dae consists of the main building, the presidential residence, the guest house, the women's quarters, Sangchunjae, Nokjiwon, and Chunchugwan. With Yoon's decision, Cheong Wa Dae, which will be returned to citizens, is expected to be transformed into a citizen park-type space.
War Memorial of Korea, U.S. military bases
There are many monumental buildings near the Ministry of National Defense, which is emerging as an alternative. Even if you don't enter the Ministry of National Defense, other buildings in Yongsan are alternatives.
The first of them is the War Memorial Hall across from the Ministry of National Defense in Yongsan, Seoul
The building has a main building with two basement floors and four ground floors, and a wedding hall with one basement floor and four ground floors. It has an area of 100,000 square meters and is accessible and open, with citizens taking walks on a normal basis. There is a large square, so you can hold a design event, and there is no big problem in holding the event because there is a large indoor space. It is more open than the Ministry of National Defense, which is rigid and has limitations for the public to access.
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| Map >>> Photo and map of War Memorial Hall |
The second one is Yongsan Garrison in Korea
The main post of Yongsan Garrison in Korea, adjacent to the War Memorial Hall, is highly utilized. There is an underground bunker for the U.S. Forces Korea. This can be used as a national crisis management center. The return speed is also faster than other regions. The biggest advantage is that Cheong Wa Dae can be relocated to Yongsan without controversy over the security vacuum caused by a series of movements of the Defense Ministry, the Joint Chiefs of Staff, and the Defense Department.
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| Map >>> Yongsan U.S. military bases |
Yoon Seok-yeol's ESG Pledge
Yoon said this during a lecture at the Korea Chamber of Commerce and Industry.
"It is still difficult for all small and medium-sized companies to manage ESG. Tax benefits should be provided to small and medium-sized companies that achieve ESG management indicators at a level that SMEs can implement. Overseas, there are cases of the spread of ESG management as a tax benefit for small and medium-sized companies. It is also important to refer to the precedent of asset management in developed countries."
Attention is focusing on the direction of companies whether the launch of the new government will have a positive impact on the spread of ESG management.
The following is a summary of Yoon's ESG pledges
Environmental (E) field
1.Nationally defined attributes (NDCs) compliant
1) Complies with NDCs (new NDCs or updated NDCs) and every five years thereafter (e.g. by 2020, 2025, 2030)
2) The NDC achievement plan is confirmed as a realistic action plan after discussion on public debate.
3) Renewable Energy Expansion Based on Nuclear Power
4) Free 2,500kWh of electricity per household per year for vulnerable groups
5) Encourage companies to participate in housing improvement projects for the vulnerable and give ESG benefits.
2. Return to Nuclear Power Policy (Back to base load unit)
1) Construction of Shinhanul Units 3 and 4 resumed immediately.
2) Utilize nuclear power as a base load unit.
3) Maintain a reasonable share of nuclear power generation and utilize it as a major driving force for carbon neutrality along with renewable energy.
4) Establish appropriate energy mix through reasonable cost estimates
5) It supports small modular reactor (SMR) exports and plans to advance regulations.
3. Government, industry and academia jointly form a climate crisis countermeasure organization
1) legislation reflecting the realities of the industry
2) support for the transition to low-carbon businesses
4. Conversion to decarbonization
1) investment in clean hydrogen production bases and hydrogen liquefaction facilities
2) Conversion of hydrogen production-related technologies to national strategic technology
5. Decrease the share of fossil fuel generation from 60% to 40%
1) Adjusted to 50% from current 80% of coal plant operating limit (PM10/PM2.5 high concentration)
6. New registration of internal combustion engines prohibited in 2035
1) The abolition of old diesel vehicles under grade 4 will be promoted by three years.
2) Introduced as Euro 7 in 2025 to reduce PM (Particular Matter) generation
7.Transition of waste disposal to pyrolysis method
1) pyrolysis of landfill or incineration waste
2) complete reorganization of recycling collection systems
8. Intensive development of nuclear, battery, photovoltaic and hydrogen technologies at the top three global levels
1) Increase the competitiveness of large and small nuclear power plants
2) Development of new battery technologies, fuel cell technologies for transportation and power generation, and next-generation photovoltaic technologies
3) Production of low-carbon, high-value-added eco-friendly ships, expansion of orders and support for R&D support
9. Create new energy industries and revitalize energy ventures in conjunction with 4th industrial technologies
1) fostering new digital-based energy industries
2) Development of innovative companies in materials, parts and equipment in new energy industries
Social (S) field
1. Minimize the impact of the transition to a digital and low-carbon economy on employment
1) Strengthen job change and reemployment support services to facilitate the relocation of personnel.
2) Implementation of various worker protection measures to prevent the concentration of damage on low-skilled workers.
2. Protection of labor rights for vulnerable groups
1) legislation to guarantee the basic rights of all workers including platform workers and other types of employment
2) Revised the law to clarify the contents of labor law guarantees for the relief of the rights of temporary young workers such as part-time workers.
3) Free legal services are provided in case of infringement of youth labor rights such as overdue wages.
3. Improvement of delivery unit price system
1) Improving the effectiveness of the delivery price adjustment consultation system so that the burden is not transferred to small and medium-sized suppliers when costs rise due to the carbon neutrality policy.
2) Improvement of the related system to comply with the delivery price adjustment agreement mandatory if the raw material price rises above a certain level during the contract period.
4. Implementation of Gender Ratio Disclosure System from Employment to Retirement
1) Encourage voluntary participation from companies with 500 or more employees
2) The gender ratio will be announced from application to final acceptance, including new applicants, experienced applicants, and successful applicants in the successful applicants.
3) Announcement of gender ratio of workers, promotions, and parental leave users by department in the working stage.
4) Announcement of gender ratio for laid-off, early retirees, and retirees at retirement stage
5. Development of cybersecurity personnel
1) Training of practical human resources that can effectively defend against illegal cyberattacks
2) Expanding regular and special courses at universities and graduate schools nationwide and establishing regional information protection education centers
3) Developing Cybersecurity Technology and Creating a Cybersecurity Ecosystem for Corporate Support
4) Accelerating the Development of Weapons and Support Systems in the Cyber Sector
Governance (G) field
1. Strengthening the requirements for the physical division of shares and institutionalizing measures to protect shareholders
1) strict restrictions on listing of spin-off subsidiaries
2) A plan to grant the right to acquire new shares to the shareholders of the parent company (in the case of dividing the new business and listing it as a separate company)
3) When subscribing to a subsidiary's public offering shares, the shareholders of the original parent company can be granted the right to acquire new shares by subscribing a certain percentage at the public offering price.
2. Establishment of a response system to strengthen ESG capabilities and expand application of SMEs and venture companies
1) Establishment of public-private joint control towers, development of roadmaps, and efficient implementation of policies by ministries
2) promotion of standardization of ESG evaluation indicators
3) Evaluate the current status of companies using ESG indicators, strengthen customized support such as financial and tax support, management and legal consulting.
3. Promoting ESG management capabilities and technological cooperation with SMEs and venture companies.
1) Preparation and promotion of various ESG-related joint business programs for small and medium-sized enterprises and venture companies
4. Restrictions on the sale of unlimited shares by insiders
1) Improve related systems to prevent ordinary shareholders from being damaged by insiders selling large amounts of shares in the market without any restrictions.
2) Limit unlimited on-site sales (including over-hours sales) to a certain limit within a certain period of time.
3) A plan to grant stock purchase claims to shareholders of the acquired company when management rights change by buying and selling stock shares.
5. Eradicating illegal short selling and improving the rational system of short selling operations
1) establishment of an organization dedicated to monitoring short selling
2) criminal penalties equivalent to stock price manipulation in illegal short selling cities
3) Active consideration of the introduction of a short-selling circuit break that will automatically ban short selling if stock prices fall excessively.
6. Improvement of stock option system
1) Raised the tax-free limit to 200 million won when exercising stock options so that talented people can flow into venture companies.
2) Attracting venture companies to be listed by applying special taxation on event profits to KOSDAQ-listed companies.
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