Koo Yun-cheol, South Korean finance minister and deputy prime minister for economic affairs, speaks during a meeting of economic ministers at the government complex in Seoul, South Korea, 28 January 2026. Photo by YONHAP / EPA
Jan. 29 (Asia Today) — South Korea’s Ministry of Economy and Finance on Wednesday designated 11 new public institutions, bringing the total to 342, while postponing a decision on whether to classify the Financial Supervisory Service as a public institution until next year.
The decision was made at a meeting of the Public Institution Management Committee chaired by Deputy Prime Minister and Finance Minister Koo Yoon-cheol at the Government Complex Seoul.
The newly designated institutions met statutory criteria, including receiving government support exceeding 50% of total revenue, the ministry said.
They include the Korea Customs Information Service, Gadeokdo New Airport Construction Corporation, Child Support Enforcement Agency, National Incheon Maritime Museum, Korea Sports & Leisure, Korea Statistics Promotion Agency, Spatial Information Industry Promotion Agency, Korea Water Technology Certification Agency, National Agricultural Museum, Central Social Service Agency and the National Disaster Relief Association.
The ministry said designation of the Financial Supervisory Service was deferred to prioritize substantive operational reforms over formal classification. Officials cited concerns that adding public institution oversight could overlap with existing supervisory structures and undermine the watchdog’s autonomy and expertise.
As conditions for reconsideration, the government ordered the Financial Supervisory Service to strengthen democratic oversight by its supervising ministry, including mandatory consultation on personnel and organizational changes, expanded management disclosure through ALIO, and full implementation of the Financial Consumer Protection Improvement Roadmap announced last year.
The Public Institution Management Committee plans to review progress on those measures and reassess the watchdog’s designation status in 2027.
Koo said that while public institution designation could enhance transparency and public accountability, it could also create inefficiencies if layered on top of the existing supervision system.
“There is concern that overlapping management structures could weaken autonomy and professional expertise,” Koo said.
Separately, the ministry said it will disclose, for the first time since enactment of the Public Institutions Act in 2007, a list of entities that met designation criteria but were not classified as public institutions, along with the reasons.
The committee also approved changes to designation categories for the Korea Broadcasting Advertising Corporation and the Korea Legal Protection and Welfare Foundation.
Koo said the expanded disclosures are intended to make public institution management more transparent and easier for citizens to understand, while strengthening trust in the public sector.
— Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260129010013790
