Samsung institute moves to serve group better

Samsung Economic Research Institute appears to be shifting its activities to more exclusively serve its parent group, given the latest changes within the think tank.

As Samsung Group’s arm for conducting macro and microeconomic research, SERI, with over 300 employees, ranks as one of Korea’s largest privately run economic think tanks.

The institute, however, will no longer be releasing macroeconomic figures, including annual economic growth forecasts, starting next year. It also will discourage researchers from participating in overseas or out-of-town seminars, as they are unnecessary for generating group-focused content.

“We plan on focusing more on group activities,” said one SERI employee, the group being Samsung Group, controlled by Samsung Electronics Chairman Lee Kun-hee.

This year, she said, would be the final year that SERI releases such figures.

The institute’s annual economic forum will still open as usual, those close to the office said.

Industry watchers said the think tank was likely to serve as an exclusive arm for generating and assembling business data and material for Samsung Group.

Adding further credibility to such speculation is the latest decision by the group to spin off SERI Ceo, a business unit that reaped profit by releasing exclusive corporate information and doing projects with local companies and their executives.

SERI Ceo has been placed under SERI, with the institute becoming a 100 percent stake shareholder.

“We understand that this was a move designed to turn SERI Ceo into an organization capable of offering more professional and expert data,” said one SERI Ceo worker.

Samsung Electronics President Lee Jay-yong reportedly said SERI Ceo should be providing more material linked to the public interest.

Under SERI’s wing, however, SERI Ceo is likely to conduct the projects dictated by the institute, which has now been requested to better serve the group, those close to the think tank said.

By Kim Ji-hyun (jemmie@heraldcorp.com)