Korea Credit Guarantee Fund and Its Contribution to the Korean Economy
Korea Credit Guarantee Fund and Its Contribution to the Korean ...
Korea Credit Guarantee Fund and Its Contribution to the Korean ...
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<strong>the</strong> yearly business plan <strong>and</strong> budgeting.- Decision making system of insidersThe board of executive direc<strong>to</strong>rs sets yearly business plan of KODIT <strong>and</strong> approves internalregulations. It delegates its decision making power <strong>to</strong> relevant department heads <strong>to</strong> ensureau<strong>to</strong>nomy <strong>and</strong> increase efficiency.- Supervision <strong>and</strong> external evaluationKODIT receives supervision <strong>and</strong> external evaluation of its overall businesses. Every year,it receives <strong>the</strong> inspection from National Assembly. At <strong>the</strong> same time, KODIT’s accounting <strong>and</strong>performance is under <strong>the</strong> inspection from <strong>the</strong> Board of Audit <strong>and</strong> Inspection of <strong>Korea</strong> (BAI). Inaddition, <strong>the</strong> operation results of <strong>the</strong> fund <strong>and</strong> business performance of KODIT is evaluatedeach year by a board of fund operation evaluation, commissioned by <strong>the</strong> Ministry of Planning<strong>and</strong> Budget (MPB).National AssemblyFigure 1Governance of KODITV. Operation <strong>and</strong> performance of KODITUnder <strong>the</strong> <strong>Korea</strong> <strong>Credit</strong> <strong>Guarantee</strong> <strong>Fund</strong> Act Article 23, KODIT is engaged in a variety ofbusinesses including credit guarantee, business consulting, management of credit investigation,<strong>and</strong> management of credit information, etc.110
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