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Half of KRX's highly paid executives are idle workers: report

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(Globalpost/GlobalPost)

SEOUL, Oct. 23 (Yonhap) -- Nearly half of executives at South Korea's main bourse operator have no regular position, a report showed Wednesday, raising concerns over the public entity's lax personnel management.

According to the report compiled by the Korea Exchange (KRX) submitted for a parliamentary audit, 57 out of 117 executive-level employees were given no specialized duties, with nine of them going through training programs.

Of the employees with no specialized positions, some of them were given low-profile administrative tasks such as managing vehicles or employees' reserve duty that could be handled by lower ranking staff.

The KRX, which operates the main bourse and has the tech-heavy KOSDAQ market under its wing, was designated as a public body in 2009 by the government which cited its dominant position in the local stock market.

"The KRX, which boasts the country's highest salary among public financial bodies, has poor personnel management and lax supervision in projects, leading to a waste in budget," said Rep. Kim Young-joo of the Democratic Party.

"(The bourse operator) must promptly find ways to make use of idle high-wage workforce," Kim added.

In 2012, the average annual paycheck for the third-highest-level executives came to 113 million won (US$106,553), while the second-highest-ranking officials received 114 million won on average, which exclude bonuses and other welfare benefits.

The comparable figure for the highest rank was not available.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/131022/half-krxs-highly-paid-executives-are-idle-workers-report