Standing Director System RebornThe government is in the process of reviving the system that guarantees the length of service of directors of government institutions and affiliations. By granting firm periods of service, the government reasons there will be more accountability and a coherent policy direction which should mitigate cases of management failure.
The government currently changed its regulations on the control of state-owned corporations, allowing chairmen and boards of trustees guaranteed three-year contracts.
The Korea Housing Corporation and Korea Water Resource Corporation recently changed its board members as a result of the new regulations.
However, critics point out that as ministries will be in charge of the appointments, board members and the heads of the corporations may actually lose accountability and any measure of independence they possess.
More in Economy
Monster supplementary budget passed
Online shoppers flock to food deliveries, home decor
All eyes on Eunma apartments as regulations in flux
Geta on other foot, olive branch extended to Japan
Deflation bullet dodged by rounding up to 0