Average Assets of 468 Gyeonggi Public Institution Heads and City/County Council Members Total 1.23 Billion Won

On March 26, Gyeonggi Province released the regular reports of changes in assets for a total of 468 individuals subject to public disclosure, including heads of public institutions affiliated with the province and city and county council members. The information was made available through the Gyeonggi Provincial Gazette (www.gg.go.kr/gg-dobo) and the Public Ethics Transparency Information System (PETI).

According to the current Public Officials Ethics Act, the assets of the governor, mayors, county heads, and provincial council members are disclosed by the Government Public Officials Ethics Committee. The assets of heads of public institutions in the province and city and county council members are disclosed by the Gyeonggi Province Public Officials Ethics Committee, respectively.

Those required to register their assets must report any changes in their assets from January 1 to December 31 of each year by the end of February of the following year. The Public Officials Ethics Committee must disclose the declared asset changes of those under its jurisdiction within one month after the reporting period ends.

The average reported assets of the 468 individuals disclosed this time by the Gyeonggi Province Public Officials Ethics Committee amounted to 1,229.13 million won. This represents an increase of 47.71 million won compared to the previous year’s average of 1,181.42 million won.

By asset range, 287 individuals, or 61.3% of the total, held less than 1 billion won in assets. This was followed by 101 individuals (21.6%) with assets between 1 billion and less than 2 billion won, and 80 individuals (17.1%) with assets of 2 billion won or more.

Compared to the amount reported last year, 323 individuals (69%) saw their assets increase, while 145 individuals (31%) experienced a decrease.

Gyeonggi Provincial Government

The main reasons for asset increases were the rise in officially assessed values of land and buildings, higher stock prices, savings and inheritance, and new registration of family members’ assets due to the expiry of notification refusal periods. In contrast, the main reasons for asset decreases were the occurrence of financial liabilities, deaths or marriages of direct descendants (daughters), and new refusals to disclose assets.

The Gyeonggi Province Public Officials Ethics Committee plans to review these asset declarations by the end of June. In particular, the committee will focus on identifying false declarations, omissions or errors due to gross negligence, and asset acquisitions using confidential information obtained through official duties.

If any insincere declarations are identified as a result of the review, the committee will take measures in accordance with relevant regulations, such as issuing warnings, ordering corrective actions, or imposing fines.

Ahn Sangseop, Chairperson of the Gyeonggi Province Audit Committee, stated, "We will meticulously examine the process of asset formation and conduct a rigorous review to create a transparent public service society that meets the expectations of the residents of the province. We will do our utmost to concentrate our review capacity to fundamentally block illicit asset accumulation and illegal asset formation."

Meanwhile, the asset disclosures of 192 individuals, including the governor, senior officials of grade 1 or higher, provincial council members, mayors, and county heads—who are subject to disclosure under the jurisdiction of the Government Public Officials Ethics Committee (Ministry of Personnel Management)—can be checked through the Republic of Korea’s Electronic Official Gazette or the Public Ethics Transparency Information System.

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