Ministry of Economy and Finance-OECD Public Institution Policy Forum... Emphasis on Safety and ESG Management

The Ministry of Economy and Finance announced on the 23rd that, on the previous day, it co-hosted the 3rd Korea-OECD International Policy Forum on Public Institutions with the Organisation for Economic Co-operation and Development (OECD) at the OECD headquarters in Paris, France.

At the forum, participants presented policy trends and case studies from various countries on three topics related to the management and operation of public institutions, and discussed future development strategies. Attendees included the Director General of Public Policy at the Ministry of Economy and Finance, the Deputy Ambassador of the Permanent Delegation of Korea to the OECD, the Deputy Director of the OECD Directorate for Financial and Enterprise Affairs, as well as public institution policy officials from 30 countries, including both OECD member and non-member states.

The first session, themed on the proactive role of public institutions, highlighted Korea's efforts to respond to changing policy environments. These efforts included the restructuring of evaluation systems for listed public enterprises to achieve breakthrough innovation, establishing policy frameworks for workforce management and investment execution to drive national core projects, strengthening safety management, and promoting the use of artificial intelligence by public institutions.

In the second session, which focused on social responsibility and sustainability such as enhanced safety management, Korea presented the current status of ESG (Environmental, Social, and Governance) management in its public institutions, along with plans to establish ESG guidelines.

The main points of the public institution safety management enhancement plan, announced on September 1, were introduced. These included establishing grounds for the dismissal of heads of institutions responsible for major accidents, strengthening management evaluations and public disclosures related to safety, and reinforcing safety management systems in public institutions.

During the third session, which addressed the scientific management of public institutions, Lee Minsang, Ph.D. from the Korea Institute of Public Finance, presented Korea's management practices utilizing digital technologies such as information disclosure and electronic public announcements in public institutions. He also shared best practices, such as Korea South-East Power Company's in-house artificial intelligence system, demonstrating the advanced use of digital technologies in Korean public institutions.

The Ministry of Economy and Finance stated that it will utilize the discussions from this event to develop public institution management and operation policies that align with global standards, and will continue to cooperate with OECD member countries and others by sharing policy cases and best practices in public institution management and operation.