[THE INVESTOR] Korea’s top 15 conglomerates said on July 11 that they will voluntarily overhaul unfair practices, a local business lobby said.

In a meeting with Lee Dong-geun, vice chairman of the Korea Chamber of Commerce and Industry, 15 business leaders agreed with general calls that companies should overhaul themselves instead of dealing with stricter regulatory oversight due to unfair practices and lack of transparency, the KCCI said in a statement.

“Conglomerates and their affiliates are required to set up their own plans to resolve their own problems (when it comes to transactions and management structure),” Lee said.

The business leaders vowed to seek mutual growth strategies with their subcontractors and generate jobs through investments, the KCCI said.

The conglomerates, or chaebol, include Samsung Electronics, Hyundai Motor, SK Group, LG Group, Lotte Group, POSCO and Hyundai Heavy Industries.

By Alex Lee and newswires (alexlee@heraldcorp.com)