공운법 제정에 따른 공공기관 이사회 권한 변화의 효과에 대한 분석: 이사회 기능을 중심으로

The government enacted the 「Act on the Management of Public Institutions(PI Act)」 in 2007 to strengthen the responsibility of the board of directors of public institutions. For market-type public corporations and quasi-market-type public corporations with assets of more than KRW 2 trillion, the regulations related to the board of directors were strengthened, such as separating the chairman and CEO of the board of directors. This study analyzed how such a change had an effect on the role of the board of directors in the process of improving the board system of public institutions, which is recognized as the core foundation of corporate governance. Quantitative indicators related to the function of the board of directors before and after 2007, when the board system was changed in the past, through fixed effect panel analysis (number of board meetings, total number of deliberations, ratio of resolutions outside the original draft, attendance rate of non-executive directors and share of speech, etc.) was observed, and the effects of system improvement and management performance improvement were analyzed. According to the results, it was confirmed that the control and support functions of the board of directors were partially strengthened through changes in the governance structure following the enactment of the 「PI Act」, but it did not lead to improvement of management performance. This can be interpreted as saying that although the board of directors of public institutions has authority in terms of appearance through the enactment of the 「PI Act」, it is not performing the roles and functions that can influence the performance of the institution. In addition to supplementing the system to enhance the responsibility of non-executive directors, continuous efforts to improve the environment need to be made so that the authority of the board of directors and corresponding functions can actually operate.