Former POSCO Group Chairman Choi Jeong-woo, who retired last month, was reported to have received an annual salary of over 1 billion won, the same as when he was chairman for at least two years after retirement, and was given an office private with the support of a company in the residence of the top end of Korea, which costs hundreds of millions of money earned in deposit and tens of millions of gain in monthly rent As they lose, criticism is fierce. The public outrage is so great that the comments on the article cannot be copied. Former Chairman Choi receives a high-end vehicle with a driver from POSCO and also uses a corporate card. Previously, former Chairman Choi was even under investigation for holding a so-called ‘Emperor’s Board of Directors’ meeting in Canada for 5 nights and 7 days last August, using local charter flights and playing golf. Former Chairman Choi, who was seeking a third consecutive term as chairman, spent 25 million won on one meal alone and entertained the outside directors who hold decision-making power with a lavish meal.
Something happened at POSCO that would have caused outrage even if it had happened in a regular company. POSCO is no ordinary company. In August 1971, when the schedule for the construction of the Pohang steel mill was disrupted, the late Tae-joon Park, former honorary chairman of POSCO, gathered workers together and said, “This steel mill is being built with the blood of our ancestors received. as compensation for colonial rule,” and “If we fail, we die.” “He should turn right and drown himself in the sea at Yeongil Bay,” he said. He also said, “If you fail, you will sin against your ancestors, so you must risk your life to work.” There is no record anywhere that former Honorable Chairman Park, who founded POSCO, as well as former President Park Chung-hee, was the ‘designer’ who ordered him, “To realize the dream of an industrial nation, we must build a steel mill, “ take any personal benefit or benefit from POSCO.
Setting an example of proper management under the banner of ‘serving the country by making steel’ is a tradition that has been handed down to POSCO for decades. However, if you look at POSCO in recent years, the spirit of entrepreneurship is nowhere to be found. The public is angry that the professional managers of POSCO are receiving preferential treatment that even the founding members of POSCO, who were called agents, did not enjoy. Since POSCO is a ‘national company,’ I feel more of a sense of betrayal. I really hope that not only former President Park and former Honorary Chairman Park, who invested their lives in POSCO, but also the public will no longer be discouraged by POSCO.
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