earticle

영어

Local government invested and contributed companies are primarily established in order to pursue local economic and social developments in Korea. However, since most local government invested and contributed companies were established under individual agency laws or local ordinances, without comprehensive laws governing the local government invested and contributed companies. A systematic management and control of local government invested and contributed companies are far from being perfect. The incomplete and untransparent management and control system has led to mismanagement, waste, corruption, and fraudulent recruitment practices in local government invested and contributed companies. Recently, the act on the local government invested and contributed companies have been enacted. However, there are some limitations. Therefore, it needs to be reviewed and derives legal challenges, and thus a timely guideline should be prepared and implemented for effective management of local government invested and contributed companies.