On June 20, the Ministry of Economy and Finance (MOEF) held the sixth meeting of the Public Institution Management Committee chaired by Second Vice Minister of Economy and Finance Lim Ki-keun to deliberate and approve the results of the 2024 Public Institution Management Evaluation.
This evaluation was conducted in accordance with the Management Evaluation Guidelines finalized at the end of 2023, assessing the results of the management of 87 government-run companies and quasi-government agencies in 2024.
The evaluation assessed institutional operational efficiency, such as financial performance and productivity, with public interest considerations, including social responsibility.
Public institutions that actively implemented government policies such as price and housing stability and investment expansion, were given bonus points.
The evaluation results showed no public institutions rated as “Excellent (S).” Fifteen public institutions rated as “Good (A)” and thirteen public institutions rated as “Insufficient or Below (D or E),” similar to the previous year’s levels.
Specifically, public institutions with outstanding performance in major projects, excellent financial performances and proactive implementation of government policies for price stability and national economic activation received the “Good (A)” rating.
On the other hand, public institutions with poor performance in major projects and management received a rating of D or E.
Based on this year’s evaluation results, differential performance-based bonuses will be given to institutions according to the type and grade of institutions for those with a comprehensive grade of C or higher.
For institutions with a final rating of D for two consecutive years, the dismissal of the institution head will be recommended.
The evaluation team consisting of 100 members was formed in February 2025.
The members went through an evaluation process lasting about four months including on-site due diligence, objections, and external verification.
The evaluation team leaders were Professor Kwak Chae-ki of Dongguk University for government-run company division, Professor Kim Chun-soon of Soonchunhyang University for the quasi-governmental agency division. Professor Bae Keun-ho of Dong-Eui University served as auditor.
The evaluators focused on the public institutions’ financial soundness, productivity, and other factors related to institutional operational efficiency and social responsibility, implementation of national policy projects and other public functions in a balanced manner.
They reflected the efforts and achievements of public institutions in implementing key policies, such as price stability, housing stability, investment, and employment expansion, were reflected in the evaluations.
A high variance in financial performance indicators within the management category had an impact on the final results.
The high final ratings were given to public institutions with excellent performances in major projects and the implementations of government policies.
The judges strictly evaluated whether or not all public institutions comply with social responsibility requirements, such as safety accidents and misconduct.
According to the results of public institutions’ management evaluations in 2024, there were no excellent (S) institutions, 15 (17.2 percent) were rated as excellent (A), 28 (32.2 percent) were rated as good (B), 31 (35.6 percent) were rated as average (C), 9 (10.3 percent) were rated as poor (D), and 4 (4.6 percent) were rated as very poor (E).
In terms of public institution audit evaluations in 2024, only four institutions receiving A ratings while 20 companies C ratings.
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