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Governance of SOEs and public institutions in Korea

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Frame of Image ic Policy and Management 	 	lChong Nam, KDI School of Public Policy and Management, I Professor
Advisory
Song Daehee, KDI School of Public Policy and Management, Advisor
Research Management	 Supported by	
KDI School of Public Policy and Management 	 Ministry of Strategy and Finance (MOSF), Republic of Korea
Government Publications Registration Number 11-7003625-000036-01 ISBN 979-11-5545-038-3 94320 ISBN 979-11-5545-032-1 [SET 42] Copyright © 2013 by Ministry of Strategy and Finance, Republic of Korea
Government Publications Registration Number 11-7003625-000036-01
Knowledge Sharing Program
2012 Modularization of Korea’s Development Experience
Governance of SOEs and Public Institutions in Korea
Preface
The study of Korea’s economic and social transformation offers a unique opportunity to better understand the factors that drive development. Within one generation, Korea has transformed itself from a poor agrarian society to a modern industrial nation, a feat never seen before. What makes Korea’s experience so unique is that its rapid economic development was relatively broad-based, meaning that the fruits of Korea’s rapid growth were shared by many. The challenge of course is unlocking the secrets behind Korea’s rapid and broad-based development, which can offer invaluable insights and lessons and knowledge that can be shared with the rest of the international community. Recognizing this, the Korean Ministry of Strategy and Finance (MOSF) and the Korea Development Institute (K


Full Text
Title Governance of SOEs and public institutions in Korea
Similar Titles
Project Category Development Cases
Material Type Reports
Author(English)

Nam, IlChong

Publisher

Seoul:KDI School of Public Policy and Management

Date 2013
Project Development Cases
Series Title; No Knowledge Sharing Program: KSP Modularization
ISBN 979-11-5545-038-3 94320; 979-11-5545-032-1 [SET 42]
Pages 142
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KDI School of Public Policy and Management
Supervisor KDI School of Public Policy and Management
Organizer Ministry of Strategy and Finance(Republic of Korea); KDI School of Public Policy and Management
Sponsor Ministry of Strategy and Finance(Republic of Korea)
Project Term 2012-01-01 ~ 2012-12-31

Abstract

SOEs played a key role in the early stages of industrialization in Korea. Korea still has a large number of SOEs in many industries including energy, infrastructure, and finance sectors, although their proportion in the corporate sector decreased considerably over time as large chaebol groups expanded rapidly since 1980s. Governance of SOEs in Korea is fundamentally different form that of private firms as the government perceives them as policy instruments. In 1983, Park Chung-hee administration established a standardized governance structure for large SOEs in which the government’s shares were 50% or more by the Framework Act for the Management of Government Invested Institutions. The law gave the line ministries a near absolute control over the management of SOEs subject to them while at the same time allowed then Economic Planning Board to provide checks and balances in a limited way. This structure succeeded in establishing large SOEs separate from the government sector. (The rest omitted)

User Note

Government Publications Registration Number 11-7003625-000036-01