"Conglomerates have been implementing plans to improve ownership structure, and that is very positive in that their moves meet market expectations as well as demand from our society," Kim said during the meeting, the third of its kind since his inauguration in May 2017.

"I hope their efforts continue to move forward," Kim said.

Samsung Electronics Vice Chairman Yoon Boo-keun, Hyundai Motor President Chung Jin-haeng, and a slew of top-level management officials from Lotte, SK and Doosan attended the meeting.

Family-controlled business groups, widely known as chaebol here, have been under pressure to change their ownership structures and how they do business.

In March this year, a number of large conglomerates, such as Hyundai Motor Group, unveiled plans to streamline their circular cross-shareholding structure through business spinoffs and mergers among affiliates amid growing pressure to make changes.

"Applying strict rules or being coercive is not the best option to bring about change. Rather, it could be more effective (for conglomerates) to voluntarily change the way they do business," Kim said.

Regarding Samsung Group's case, Kim said it is not an issue that the government can force the group to resolve. "But what is clear is that the current system does not guarantee Samsung's sustainability," Kim said. (Yonhap)