Inspection of Disclosures by 331 Public Institutions... 15 Rated 'Excellent', 2 Rated 'Unsatisfactory'

Exterior view of the Korea Gas Corporation headquarters building. (Photo by Korea Gas Corporation)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance reviewed the 2020 management disclosure status of 331 public institutions and found that 15 institutions received an 'Excellent' rating, while 2 institutions were rated 'Insincere.'

On the 9th, the Ministry of Economy and Finance approved the "2020 Public Institution Integrated Disclosure Inspection Results and Follow-up Measures" at the Public Institution Management Committee held at the Government Seoul Office.

Since 2007, all public institutions have been disclosing key management information through the Public Institution Management Information Disclosure System (ALIO) in accordance with the Act on the Management of Public Institutions, and the Ministry of Economy and Finance has been inspecting disclosures twice a year, in the first and second halves.

From September last year to March this year, the Ministry, together with labor and accounting firms, inspected the 2020 disclosure contents of 19 items related to institution operation and finance, including new hires, executive salaries, and business promotion expenses, for 331 public institutions, and assigned penalty points based on the degree of violation for each item. For major items, non-disclosure or false disclosure due to intentional or gross negligence results in 5 penalty points, while non-disclosure or disclosure errors due to negligence result in 3 penalty points.

As a result of the inspection, 15 institutions including Korea Gas Corporation, Korea Minting and Security Printing Corporation, KEPCO KDN, Korea International Cooperation Agency, and Korea Sports Promotion Foundation recorded zero penalty points and showed a continuous decrease in penalty points over the past three years, classifying them as excellent disclosure institutions.

On the other hand, 2 institutions, including the National Medical Center and Korea Maritime Institute, exceeded 40 penalty points and were classified as insincere disclosure institutions. Insincere disclosure institutions must submit improvement plans and undergo personnel measures.

Compared to the 2019 disclosure inspection, the number of excellent disclosure institutions decreased from 22 to 15, and insincere disclosure institutions decreased from 4 to 2. The average penalty points dropped from 7.7 to 6.6.

The Ministry plans to reflect these inspection results in the management evaluations of public enterprises and quasi-governmental institutions. For other public institutions, the inspection results will be notified to the relevant ministries to be incorporated into their management evaluations.

To reduce disclosure errors and improve information accuracy, the Ministry will support 22 small-scale public institutions this year with one-on-one consulting, on-site inspections, and dedicated mentor assignments.

Additionally, a system will be established to form an online inspection team composed of 100 citizens to allow the public to directly check disclosure errors.

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