South Korea to Replace Heads of Two Public Institutions, Warn Others
Quick Look
- South Korea's finance ministry will seek to replace the heads of the Government Employees Pension Service and KOICA due to poor performance reviews.
- Warnings will also be issued to 17 agency heads with a 'D' grade and 11 leaders whose organizations had fatal workplace accidents.
AI-generated summary
Why It Matters
South Korea's finance ministry conducts regular performance reviews of public institutions to assess their management and social responsibility. This review led to decisions regarding leadership changes and warnings.
By Kang Yoon-seung
SEOUL, June 19 (Yonhap) -- South Korea will seek to replace the heads of two public institutions following a regular performance review while issuing warnings to those whose organizations experienced fatal workplace accidents, the finance ministry said Friday.
The Ministry of Finance and Economy decided to seek the removal of the heads of the Government Employees Pension Service and the Korea International Cooperation Agency (KOICA), based on the evaluations made by the Ownership Steering Committee, tasked with assessing the performance of public institutions.
The committee reviewed the performance of 88 state-run firms and assessed how 82 agency heads fulfilled their management contracts.
Among those checked, seven received the lowest grade under the six-tier evaluation system for the performance. The remaining five were not subject to dismissal recommendations as they were not in office during the evaluation period.
The finance ministry also decided to issue warnings to 17 agency heads who received a D grade, including those at the National Institute of Ecology, Grand Korea Leisure Co. and the Postal Savings & Insurance Development Institute.
In a separate measure, the government also issued warnings to the heads of 11 organizations that experienced fatal workplace accidents during their term, including the Korea Electric Power Corp. and Korea Gas Corp.
In the institutional evaluation, 15 organizations received an A grade, while 29, 28 and 13 earned grades of B, C and D, respectively.
Three, namely the Korea Broadcast Advertising Corp., Korea National Park Service and KOICA, received the lowest grade of E, and none earned the top S grade under the six-tier evaluation system.
The finance ministry said the evaluation focused on social responsibility in areas such as safety and green initiatives, as well as financial health and productivity.
It added that organizations that faithfully utilized artificial intelligence (AI) technologies to drive innovation were given favorable consideration.
Open Questions
- Who will replace the removed heads?
- What specific failures led to the 'D' grades?
- Will these changes affect institutional performance?
