Public Institution Head Appointments Stalled... CEO Re-selection and Shareholders' Meeting Pending

Second Half of Moon Administration... Focus on Adjustment Range
Announcement Deadline for Candidates for Presidents of Mineral Corp and Electrical Safety Corp
Gangwon Land Must Hold March General Meeting Before Moon's Appointment

Exterior view of the headquarters of Korea Mineral Resources Corporation in Wonju, Gangwon Province. (Photo by Korea Mineral Resources Corporation)

[Asia Economy Reporter Moon Chaeseok] The terms of office for the heads of more than 10 public enterprises and public institutions under the Ministry of Trade, Industry and Energy will end by the first quarter of next year. Including vacant positions, this amounts to 19 organizations. The terms of the presidents of Korea Electric Power Corporation (KEPCO), Korea Hydro & Nuclear Power (KHNP), and KOTRA, which have garnered significant attention, will also end in April.

Korea Resources Corporation, which is in a state of capital erosion, and Kangwon Land, a listed company that requires a shareholders' meeting, have presidents whose terms have ended or are about to expire. Since some energy public enterprises are facing management difficulties, there are calls to accelerate the appointment of heads of these institutions.

In particular, there is heightened interest in the heads of energy public enterprises such as Korea National Oil Corporation, which is struggling financially along with Korea Resources Corporation; KEPCO, which proposed a possible surge in electricity rates since 2022; and KHNP, which is not free from controversies surrounding nuclear phase-out policies.

According to public enterprises and public institutions on the 19th, 18 organizations have terms ending between this month and March next year. Including the vacant position at Korea Resources Corporation, 19 heads will be replaced.

First, the terms of KEPCO President Kim Jong-gap and KHNP President Jung Jae-hoon will end in April next year. Among KEPCO's five power generation subsidiaries, the terms of Park Hyung-gu of Jungbu Power, Park Il-jun of Dongseo Power, and Yoo Hyang-yeol of Namdong Power all expire on February 12 next year. The terms of Kim Byung-sook of Seobu Power and Shin Jeong-sik of Nambu Power will also end on March 7 next year.

The term of Yang Soo-young, president of Korea National Oil Corporation, ends on March 21 next year. Korea Resources Corporation has had a vacant president position for over two and a half years.

The term of KOTRA President Kwon Pyung-oh also expires on April 1 next year.

Korea Resources Corporation, which was rumored to have former lawmaker Lee Hoon as a nominee, is currently undergoing the reappointment process for its president. The application period for the new president closed on the 16th. Once the Executive Recommendation Committee (ERC) selects the final candidate, the recommendation goes through the Public Institution Management Committee, followed by the Minister of Trade, Industry and Energy's proposal, and finally the president's appointment.

Typically, it takes about two months from the ERC's call for candidates to the selection of the head. The appointment could be completed as early as February next year. Korea Resources Corporation has not provided a separate expected expiration date. Since May 2018, the corporation has been operating under an acting president system.

The successor to Moon Tae-gon, president of Kangwon Land whose term ends on the 20th, is likely to be appointed only by March next year. This is because, as a KOSPI-listed company, the appointment must align with the shareholders' meeting schedule.

After closing candidate recruitment on the 9th, document and interview evaluations are underway. The ERC will recommend candidates to the Public Institution Management Committee within this month. If shareholders approve at the March shareholders' meeting next year, the final presidential appointment process will proceed.

The terms of Jo Seong-wan, president of Korea Electrical Safety Corporation, and Jeong Sang-bong, president of KEPCO Nuclear Fuel, ended on the 6th.

The recruitment for the successor president of Korea Electrical Safety Corporation reportedly ended this week. A representative of the corporation said, "It is not easy for the successor to assume office immediately after the term expires," adding, "Cautiously, the appointment of the new president is expected to be no earlier than mid-next month."

The candidate recruitment for the president of KEPCO Nuclear Fuel ended on the 18th. According to KEPCO Nuclear Fuel, the target appointment date for the new president has not been set.

This content was produced with the assistance of AI translation services.