Construction Guarantee Association Holds Extraordinary General Meeting and Approves 2023 Budget Proposal

The Construction Mutual Aid Association announced on the 10th that it held the 124th extraordinary general meeting at the Construction Hall in Nonhyeon-dong and approved the 2023 business year budget (proposal) and other matters.

The association's budget for next year is projected to have revenue of 523.3 billion KRW, expenses of 356.3 billion KRW, and net income after corporate tax expenses of approximately 126.6 billion KRW.

The association stated, "The basic direction was set as tight management and efficient budgeting in preparation for the economic downturn," adding, "We will strengthen core business competitiveness and fund management capabilities while increasing support for members and growth momentum through entry into new businesses."

Previously, the association formed a budget subcommittee consisting of three members each from the members and expert operating committee members to review the budget proposal through three meetings. Emphasizing rigorous budget management and organizational reform, all items were examined clause by clause.

As a result, more than 15.6 billion KRW was cut by reducing 13 general administrative expense items, contributions, and capital budgets combined. In particular, general administrative expenses saw significant reductions compared to last year: advertising expenses for external media by 50%, event expenses by 33.3%, and meeting expenses by 18.1%.

Operating committee member representatives were also elected. In the 1st electoral district (large-scale investors), Lee Byung-jin, CEO of Hallim Construction Co., Ltd., was elected, and in the 2nd electoral district covering Gwangju, Jeonnam, and Jeonbuk, Yoon Bang-seop, CEO of Samhwa Construction Co., Ltd., was finally elected.

Matters related to branch office reorganization were also reported. In September, the association revised its organizational structure to reorganize branch offices according to the 'Mutual Aid Association Management Innovation Plan' approved by the operating committee. Accordingly, the current structure of 2 regional headquarters, 28 branches, and 4 compensation centers will be reorganized into 10 financial centers, 3 branches, and 3 compensation centers.

The association stated, "The Daejeon Chungnam, Chungbuk, and Gyeongnam financial centers are scheduled to open by the end of this month after preparation, and the Seoul, Gyeonggi, and Gangwon financial centers are planned to open by March next year," adding, "We will proceed with the reorganization work without any setbacks by comprehensively considering lease status and branch schedules."

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