KNOC named worst-managed public firm
By Kim Jae-won
The Korea National Oil Corp. (KNOC) and Korea Coal received the lowest scores in the Strategy and Finance Ministry’s annual evaluation of state-run companies.
In a review of 27 public firms, they were the only companies that received the bottom D grade. The panel of investigators included policymakers, university professors, accountants and experts from private businesses, who rated the firms on their financial health, global competitiveness ability of their CEOs and commitment to social corporate responsibility.
Korea Airports Corp. (KAC) received the highest grate of S, as in special, above A in the rating system. The ministry said that KAC showed good performances in the areas of leadership, management efficiency and its main businesses.
When rating the ability of CEOs, the heads of five companies — Korea Coal, Jeju Free International City Development Center, Korea Tourism Organization, Kores Corp. and Korea Hydro and Nuclear Power — were given a C, which was the lowest grade the evaluators gave.
The finance ministry said that the results reflect human resources management and incentives of the companies.