[Asia Economy Sejong=Reporter Dongwoo Lee] Korea East-West Power announced on the 22nd that it will participate in the voluntary return of performance bonuses following the results of the 2021 public institution management evaluation.
The targets include President Kim Young-moon, the management team, and executives at grade 1 or higher. East-West Power has currently been notified by the Ministry of Economy and Finance of the performance bonus payment rate. Previously, the company was the only public institution to receive an S (Excellent) grade in the '2021 Public Institution Management Evaluation.'
An East-West Power official stated, "The proportion of performance bonus returns is expected to be similar in scale to KEPCO, with 100% for management and about 50% for executives at grade 1 or higher."
The reason East-West Power decided to return performance bonuses is to contribute to enhancing public welfare by overcoming the financial crisis of power group companies, including KEPCO, and minimizing electricity rate increases.
East-West Power said, "In a situation where the worst-ever operating losses are expected due to soaring fuel costs, we will strengthen communication and cooperation among power group companies and focus our capabilities on overcoming the financial crisis through high-intensity self-help efforts by each institution."
Earlier, on the 20th, the Ministry of Economy and Finance announced the results of last year's public institution management evaluation and recommended that institutions with poor financial conditions, including KEPCO, Korea Hydro & Nuclear Power, Incheon International Airport Corporation, and Korea National Oil Corporation, voluntarily return performance bonuses for heads of institutions, auditors, and standing directors.
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