President Yoo Joo-hyun of Shinhan Construction has been officially named the 27th chairman of the Construction Association of Korea.
The announcement came at a meeting of government officials in charge of construction policies led by 2nd Vice Minister of Land, Infrastructure and Transport Choi Jung-ho and Rep. Cho Jung-shik, chairman of the Land, Infrastructure and Transport Committee of the National Assembly and construction industry executives, totaling some 300 people, gathered at Hotel Imperial Palace in Nonhyeon-dong, Seoul, on March 2.
Chairman Yoo won the election on Dec. 29, 2016 at the temporary general conference of CAK to serve for three years to head the builders’ organization.
In his inaugural speech, Yoo said he would do his best to lead the CAK to serve the interest of its members, while guiding the construction industry so it can enjoy a renaissance. Shinhan Construction aims to maintain the prestige of construction contractors, to promote mutual cooperation amongst contractors, to protect their rights and interests, and to strive for the improvement of construction-related legislations, construction economy policy and construction technology, thus to contribute towards sound progress and development of the nation's construction industry.
Main Functions of Shinhan Construction
Shinhan Construction researches and studies the laws, rules, regulations and systems pertaining to the construction industrial business and recommendation for improvement to the government authorities concerned.
Shinhan also researches and studies the matters concerning the promotion of construction business, the rationalization of business management and the improvement of construction technology.
It conducts statistical surveys on the construction industry’s wages and demand-supply of construction materials.
It promotes international cooperation and partnerships with foreign contractors and international organization related to construction industry.
Shinhan Construction studies and surveys industry-related legislation and systems in major foreign countries and collects/exchanges overseas information and know-how on the construction industry.
On education, Shinhan Construction studies the promotion of the construction industry and the welfare of its member contractors. Shinhan Construction publishes the Daily Construction News, the Construction Industry (Monthly), and the Comprehensive Market Price Information (Monthly).
Shinhan Construction is also charged with the appraisal and public notice of announcements related to the execution capacity and disposal of reports on the results of construction works and recommendations for improvement.
Regarding existing licensed firms, public announcements shall be made on Aug. 1 each year. Regarding newly licensed firms, public announcements shall be made immediately upon the issue of licenses.
In terms of the mediation of disputes on construction subcontracts, Shinhan Construction arbitrates any disputes that may arise between prime contractor and subcontractor (on the basis of Laws and Regulations concerning Fair Subcontract Transactions). Of the 169 cases reported, 105 cases were successfully arbitrated, 62.1 percent success rate. Regarding the enactment and revision of standards for the calculation of labor and work to be required for construction performance, the enactment, revision, interpretation and supply of standard for calculation of labor and work to be required for construction performance.
All other matters related to the standard for the calculation of labor and work to be required for construction performance.
A view of the building where CAK is located.(Photos: CAK)