Seoul National University Hospital, Korea Energy Foundation, and 2 Others Designated as Non-Compliant Public Institutions

[Asia Economy Reporter Jang Sehee] Four public institutions, including Seoul National University Hospital and the Korea Energy Foundation, were caught by the Ministry of Economy and Finance for failing to properly disclose key management information such as new hires, investment status, and welfare expenses.

On the 31st, the Ministry of Economy and Finance announced the "2019 Public Institution Integrated Disclosure Inspection Results and Follow-up Measures" containing these details. This inspection covered 18 items including new hires, investment status, welfare expenses, and employee recruitment information.

The Ministry conducts inspections twice a year, in the first and second half, targeting 331 public institutions to enhance the reliability of public institution disclosure data published on the Public Institution Management Information Disclosure System (ALIO).

According to the inspection results, four institutions?Seoul National University Hospital, Wonju University Dental Hospital, Arts Management Support Center, and Korea Energy Foundation?were designated as non-compliant disclosure institutions. The number of non-compliant institutions decreased by three from seven last year.

An institution is designated as non-compliant if it scores more than 40 penalty points in the inspection, or if it scores over 20 penalty points for two consecutive years with an increase from the previous year. Institutions designated as non-compliant must submit an improvement plan to the Ministry of Economy and Finance.

Twenty-two institutions were selected as excellent disclosure institutions. Among them, nine organizations, including Korea South-East Power, Korea East-West Power, Korea National Oil Corporation, and Korea Appraisal Board, have received zero penalty points for three consecutive years and are exempt from next year's inspection.

Meanwhile, the results of this inspection will be reflected in the Ministry of Economy and Finance’s evaluation of the management performance of public enterprises and quasi-governmental institutions.