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4 state firms receive lowest grades in evaluations

[THE INVESTOR] Four state-run corporations -- Korea Resources Corp., Korea National Oil Corp., Korea International Broadcasting Foundation and Facility Management System -- have received the lowest marks in their work performance evaluation for last year.

Announcing the results of its assessment on June 16, the panel, under the Ministry of Strategy and Finance, evaluated 116 state-run corporations and institutions based on their management performance last year. A total of 161 experts, including professors, accountants and lawyers, were part of the assessment committee. 

State-run Korea Resources Corp.
State-run Korea Resources Corp.

The chiefs of four companies that received the lowest E grade are subject to dismissal from the post. However, no executives fell under the criteria due to their short period of tenure.

No companies received the highest S grade for three years in a row.

The second highest A grade was given out to 20 organizations, including Incheon International Airport Corporation, Korea Appraisal Board, Korea Express Way Corporation, Korea Electric Power Corp. and Korea Deposit Insurance Corporation.

Fifty-three companies, including Korea Airports Corporation, attained the third-highest B grade, while 30 companies received the fourth-highest C grade, including Incheon Port Authority.

Nine companies received the lower-than-average D grade. Among them, heads of three companies Korea Coal Corporation, Korea Electrical Safety Corporation and Korea Human Resource for Health & Welfare, received warnings.

The government, in order to raise the work efficiency and responsibility of high-ranking civil servants, gave warnings to 13 executive directors of the companies that received D and E grades.

The assessment result will affect next year’s budget allocation, the ministry said.

By Ahn Sung-mi (