LH Holds First Emergency Management Meeting of the Second Half "Full-Scale Management Innovation"

On the 12th, President Kim Hyunjun presided over the first emergency management meeting of the second half at headquarters
Continuous efforts at midnight, full-scale innovation including steady promotion of LH innovation plans
Irregular personnel changes in July, renewal personnel including management replacement, strengthening field workforce
Pre-subscription for 3rd new towns, smooth execution of policy projects such as the 2.4 Plan

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 12th that it held the first emergency management meeting of the second half of 2021 at its headquarters in Jinju, attended by executive-level employees.

The meeting was held to review the progress of policy projects entrusted to LH, such as the pre-sale scheduled for the 16th, and to fully launch "management innovation to restore public trust" by continuing internal innovation efforts and accelerating the implementation of the government's announced "LH Innovation Plan" in the second half of the year.

At the meeting chaired by LH President Kim Hyun-joon, topics discussed included ▲strengthening internal innovation to restore public trust, ▲smooth implementation of the government’s LH innovation plan, ▲reform personnel changes such as ad hoc personnel adjustments and reinforcement of field staff in July, and ▲plans for the normal promotion of pre-sale for the 3rd new town and the 2.4 housing supply plan, along with effective implementation measures and future schedules.

Since early March, when allegations of real estate speculation by some employees were raised, LH has been pushing for strong innovation to become a fair and transparent public corporation. Upon taking office, President Kim declared his commitment to transform LH into a fair and transparent organization to regain public trust, establishing the "LH Innovation Committee" composed of external experts to carry out strong self-purification efforts. The Innovation Committee is preparing fundamental measures to prevent speculation recurrence and is promoting 47 innovation tasks including organizational and personnel reforms to meet public expectations. Additionally, ahead of the October 2 enforcement of the revised Public Officials Ethics Act, LH proactively built its own real estate reporting and registration system and completed preemptive registration of real estate holdings for employees at the department head level and above last month. Starting in July, LH plans to begin its own verification process to further strengthen internal controls.

Immediately after the government announced the "LH Innovation Plan" on the 7th of last month, LH formed the "LH Innovation TFT" led by the vice president and has been dedicated to early implementation of 67 innovation tasks. Specifically, 21 innovation tasks such as prohibiting land acquisition for purposes other than actual use and excluding employees owning land from compensation as negotiable transfer recipients were preemptively completed in the first half of the year. Notably, all CEOs and full-time executives agreed to return their salary increases, and salaries for executives and level 1 and 2 senior staff will be frozen for the next three years. Measures are also being prepared to restrict promotions for those found to have engaged in speculative real estate transactions after investigation and review. Furthermore, LH plans to swiftly implement other innovation tasks such as introducing a compliance officer system to establish continuous and external supervision and eradicating preferential treatment for former officials.

Since the real estate speculation allegations surfaced, LH has immediately excluded those involved from their duties and significantly strengthened penalties by revising related regulations. Accordingly, those under investigation and prosecution by the prosecution are suspended or dismissed according to relevant regulations and procedures, and employees who caused social controversy are subject to strict personnel measures. In addition, through ad hoc personnel changes in July, LH plans to promote reform personnel changes such as replacing management and department heads to fundamentally improve its organizational culture and become a trusted organization.

To smoothly carry out government housing supply policies such as the pre-sale of the 3rd new town starting in July and the 2.4 housing supply plan, LH plans to significantly expand field personnel. The pre-sale for the 3rd new town will begin on the 16th with the first resident recruitment announcement for 4,300 units in five locations including Incheon Gyeyang and Wirye, and will proceed sequentially until the end of the year. Among the 2.4 plan candidate sites, those with high resident consent rates and strong willingness from residents and local governments will be selected as "LH priority candidate sites," with district designation proposals planned for September. Since June, LH has also been holding field communication meetings with headquarters and regional office employees to build internal consensus for faithfully performing LH’s core roles despite difficult conditions.

President Kim said, "Along with strong self-purification efforts, we will faithfully implement the government’s innovation plan to become a clean and transparent public corporation that meets public expectations," adding, "Based on this, we will steadily carry out policy projects closely related to people’s lives, such as the pre-sale of the 3rd new town and the 2.4 housing supply plan."

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