Byeon Chang-heum "Willing to Donate Full Performance Bonus from LH President Tenure"
On the 11th, the Ministry of Land, Infrastructure and Transport spokesperson's office announced their position
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[Asia Economy Reporter Moon Jiwon] On the 11th, Byeon Changheum, Minister of Land, Infrastructure and Transport, announced his intention to donate the entire performance bonus he received while serving as the President of Korea Land and Housing Corporation (LH) back to society.
The Ministry of Land, Infrastructure and Transport stated on the same day, "Minister Byeon Changheum has expressed his intention to return or donate the entire performance bonus he received during his tenure as LH President to society."
However, the ministry only mentioned his intention and did not clearly specify whether or when the performance bonus would actually be donated.
According to Choo Kyung-ho, a member of the People Power Party, Minister Byeon received a performance bonus of 79.86 million KRW after receiving an A grade (excellent) in the 2019 public institution management evaluation while serving as LH President.
Under the 'Mid-term Performance Bonus System,' which distributes executive bonuses over three years, half of the amount, 39.93 million KRW, was paid last year, and the remaining 33.93 million KRW will be paid in installments this year and next year.
It is also known that if LH receives an A grade in the 2020 evaluation to be announced in June, Minister Byeon will receive a maximum performance bonus of 157.21 million KRW. Even if LH receives the lowest grade, D, he will receive an additional 23.96 million KRW.
Minister Byeon's mention of donating the performance bonus during his tenure as LH President is interpreted as a reflection of his willingness to take some responsibility for the recent allegations of preemptive land speculation by LH employees in the 3rd New Town development project.
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The Ministry of Economy and Finance has also stated that it is considering measures to reclaim executive performance bonuses if the allegations of land speculation by LH employees are proven true.
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