Recently, the reckless management and excessive debts of state-owned companies have attracted much public attention, raising serious issues and proposals for possible counter-measures to address this issue. The Board of Audit and Inspection (the “BAI”) announced its firm resolution to tackle the poor management of state-owned companies and to increase efficiency in the public sector by enhancing the soundness of the nation’s finances and identifying root causes of such poor management prevalent in state-owned companies.
Against this background, Mr. Baek has been appointed to serve as a member of the State-Owned Companies Audit Advisory Committee of the BAI from February 20, 2014. Mr. Baek has long been providing advice on government policies relating to fair trade practices, broadcasting and telecommunications, personal information and consumer issues to various ministries of the government and government agencies, including the Korea Fair Trade Commission, the Korea Communications Commission, the Ministry of Security and Public Administration and the Personal Information Protection Commission. As a member of the State-Owned Companies Audit Advisory Committee, Mr. Baek will contribute his expertise to rectify inherent structural problems of state-owned companies.
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