The National Agenda Team said the restructuring of businesses should be done autonomously according to the market, and not by the government. To do this it advised the scrapping of large amounts of regulations, bringing them down from 7,408 to a fixed upper limit of 5,000. Also to guarantee the independence of the Fair Trade Council, its head should be confirmed by the National Assembly and have a fixed term. The council should concentrate on anti-monopoly policy and not govern the actions of conglomerates.

The team advised that the FTC be reorganized and have its powers reduced, as currently those accused of breaking the Fair Trading Law can only appeal to the commission itself and no outside agency. The FTL is supposed to regulate anti-trust issues, but Korea's law covers conglomerates particularly and the FTC has more often than not concentrated on them. Currently there are 43 of these, which are regulated with regard to cross investments and loan guarantees, however, they are so diverse in their operation, the agenda team feels it is unreasonable to regulate them under one system.

It proposed labeling only groups with assets of W5 trillion as big businesses, with the exception of those with five or less subsidiaries and operating in three areas.

In addition shareholders should be allowed to vote external directors on to a company's board, as opposed to them being appointed to produce more needed transparency. This law has been present since 1999, but has not been sufficiently enforced, and so should be on businesses exceeding a certain size. Also shareholders rights to call meetings, dismiss directors and start class action suits should be strengthened.

In addition the team said to ensure neutrality the current four public members of the nine-member commission should be increased to five, and civic groups should recommend them. Also the deputy-head system should be scrapped.

Professor Park Young-chul of Korea University who headed the team said the "sunset system" should be adopted giving fixed time limits to certain regulations. He added that President Kim Dae-jung's government created the Regulatory Reform Commission to review and reduce regulations, which scrapped 6,000 and produced 2,600 new ones. To ensure neutrality of the commission, the right of appointment of public members should be transferred to academics and civic groups.

The team proposed the establishment of a dedicated bankruptcy court, early introduction of laws governing this, and the rapid privatization of government owned banks. A problem in restructuring was the courts lack of experience in dealing with bankruptcies, coupled with the rotation of judges every two years, which ensured none of them became familiar with the field.

The early warning system for non-performing businesses comprises banks and the stock market, but in Korea the main creditor banks are government owned, leaving them susceptible to political intervention.

It criticized the current government saying over the past five years it had interfered with restructuring in the big deals field and non-performing businesses, seriously compromising competitiveness and market autonomy, in a bid to meet political targets.