The standard for defining a big business group in terms of total assets has been expanded from five trillion to ten trillion won. Public companies will also be excluded from big business groups.
 
The Fair Trade Commission, the Finance Ministry and the Ministry of Trade, Industry and Energy unveiled the new standard for designating big business groups on Thursday.
 
With the adjustment, 37 companies will be excluded from the big business group category, including 25 firms whose assets stand below ten trillion won, including Kakao and 12 public enterprises, including the Korea Electric Power Corporation.

The number of big business groups will also fall from 65 to 28.
 
Related agencies, including the Fair Trade Commission and the Employment and Labor Ministry, will revise related enforcement ordinances and apply the new standard from as early as September.