Cityscape view of Seoul (123rf)

South Korea’s major conglomerates are bracing to navigate the economic and political shock waves unleashed by President Yoon Suk Yeol’s fleeting attempt at martial law last week, balancing containing the fallout and preparing for their business strategies for the coming year.

The big four chaebol groups, including Samsung, SK, Hyundai Motor and LG, are set to hold strategy meetings later this month to finalize their plans for 2024. These meetings, typically held after annual leadership reshuffles, come amid deepening uncertainty over the country’s leadership.

After narrowly avoiding an impeachment vote Saturday, President Yoon faces mounting pressure as the opposition vows to pursue his impeachment until he steps down.

Meanwhile, his own People Power Party is reportedly preparing for his resignation. This virtual leadership vacuum raises concerns about its potential impact on investor confidence in Korea Inc.

“Firms are trying to respond calmly, but until uncertainties disappear, they are keeping close tabs on the situation," an official from one of the top four groups. Another official echoed the view, "Since this is not a situation where companies can directly take action, they have no choice but to monitor and respond accordingly."

Samsung Electronics plans to hold its biannual global strategy meeting in mid-December. This critical gathering, attended by key executives and overseas heads, will address pressing issues, align business strategies and set goals for the new year.

Vice Chairman Han Jong-hee, who oversees the Device Experience division -- covering smartphones and consumer electronics -- and Vice Chairman Jun Young-hyun, who leads the Device Solutions division — focused on semiconductors -- will spearhead the discussions for their respective units.

The DX division is expected to focus on strategies for the global launch of the Galaxy S25 in January, while the DS division will likely address semiconductor strategies in light of the anticipated shifts in Washington’s economic and trade policies under the incoming Donald Trump administration.

Hyundai Motor Group will also hold meetings throughout December, with Executive Chair Chung Euisun meeting key executives and regional office heads from North America, Europe, India, Latin America, China and Russia. These discussions will likely focus on sales performance, 2025 targets, market-specific strategies and global economic trends, including trade policies.

LG Group will hold a leadership meeting this month, led by Chairman Koo Kwang-mo. CEOs and division heads will gather to discuss strategies for strengthening future business capabilities. This marks the first such meeting following LG’s recent leadership reshuffle.

SK Group, the country’s second-largest conglomerate, said it has not scheduled a special executive meeting but will convene one if necessary.

Meanwhile, key business leaders, including Hanjin Group Chairman Walter Cho and executives from Samsung, SK, Hyundai Motor and LG, are currently in Washington for a Korea-US Business Council meeting on Tuesday.

At this annual event, hosted by the Federation of Korean Industries and the US Chamber of Commerce, Korean executives will have the opportunity to network with US political and business figures. They are expected to discuss strategies to strengthen bilateral business ties as Korean firms prepare for Trump’s second term.