Business tycoons attend the Korea-Czech Republic business forum at a hotel in Prague, Sept. 20. From right are Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo. Yonhap

Lawmakers are being urged to end the longstanding practice of summoning high-ranking business leaders for questioning during the National Assembly's annual audit. This political spectacle, repeated nearly every year, has faced criticism for undermining both the morale of business leaders and overall business sentiment, industry officials said Monday.

The concern arises every year, yet over a hundred business tycoons were once again asked to appear for the audit this year.

The list includes Hyundai Motor Group Executive Chair Chung Euisun and Samsung Electronics President Roh Tae-moon, according to the Assembly's Science, ICT, Broadcasting and Communications Committee.

The Assembly's trade and industry committee also decided to summon a total of 35 business leaders for an upcoming audit. Among those requested to attend for questioning are SK hynix CEO Kwak Noh-jung, Samsung Electronics Vice Chairman Jun Young-hyun, and Hyundai Motor CEO Chang Jae-hoon.

Officials from major companies have expressed concern about this political practice, noting that executives from conglomerates must manage tight business schedules both domestically and internationally.

"The heads of these global firms have very hectic schedules as they seek new revenue streams and build partnerships abroad. However, the annual audit presents a burden for them each year," an official at a major firm said. "They are willing to attend the event if their companies have caused significant social or economic controversies, but that is not the case this time. Lawmakers, however, still aim to focus on rebuking these businesspeople, which many perceive as a politically-motivated gesture."

The agricultural and fisheries committee is considering plans to summon the heads of the nation's top conglomerates, including Samsung Electronics Executive Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, and the Hyundai Motor Group chief. This move is prompted by their perceived insufficient contributions to a fund aimed at promoting co-prosperity with the country's farming and fishing communities.

But it remains to be seen whether the top business tycoons will attend the upcoming audit mostly due to their busy overseas schedules.

There is little incentive for the businesspeople to attend the upcoming audit, as they often risk damaging their reputation without gaining much in return, according to another official at a major conglomerate.

"Most big companies operate special units to communicate with the National Assembly or the political circle," the official said. "Even if the top management does not appear for questioning, big companies remain open to dialogue with the government or authorities."

"Top management feels uneasy about facing lawmakers during the annual audits, as the focus tends to be on criticizing companies rather than seeking a middle ground that could satisfy both parties," the official said.

Several Assembly committees took a similar approach last year by initially including the names of leaders from prominent conglomerates. However, most were ultimately excluded from the witness list for the audit due to increasing backlash from the public and even within political circles.

According to a National Assembly act, businesspeople are required to submit a non-attendance statement in advance if they are summoned for the annual audit.