Follow-up to government's public institution reform plan

Five firms to be consolidated as Korea Port Security and Facilities Corporation

Labor, management to discuss timeline Thursday

Photo is unrelated to the article. [Getty Images Bank]
Photo is unrelated to the article. [Getty Images Bank]

As part of the government's public institution reform drive to merge four port authorities — in Busan, Incheon, Ulsan and Yeosu-Gwangyang — into a single entity, five subsidiaries under those authorities will also be consolidated. The government plans to combine the parent port authorities under the tentative name Korea Port Authority and restructure the five subsidiaries into a body tentatively called the Korea Port Security and Facilities Corporation. Preparations for the subsidiary merger will begin in earnest once the direction of the parent merger takes shape.

The Ministry of Oceans and Fisheries announced Wednesday that it will hold a meeting Thursday at its annex conference room, bringing together the heads of the five port authority subsidiaries along with union and employee representatives to discuss the consolidation timeline and proposals from each institution.

The merger follows the government's "Public Institution Function Reform Plan," announced Sept. 3. The entities subject to consolidation are the four port authorities — Busan Port Authority, Incheon Port Authority, Ulsan Port Authority and Yeosu Gwangyang Port Authority — along with their five subsidiaries.

The five subsidiaries slated for consolidation are Busan Port Security, Incheon Port Security, Yeosu Gwangyang Port Management, Ulsan Port Management and Yeosu Expo Management. The government is pursuing a plan to bring these organizations together under the single umbrella of the Korea Port Security and Facilities Corporation.

The ministry earlier held a meeting with the heads of the four port authorities on Sept. 8 to begin preparatory work for the parent merger. This time, the ministry is broadening participation to include not only subsidiary heads but also union and employee representatives, with the aim of gathering on-the-ground feedback that may arise during the consolidation process.

However, a specific timeline for the subsidiary merger has not yet been finalized. The ministry said it will begin full-scale preparations for the subsidiary consolidation after the direction of the parent port authority merger becomes clearer.

"Once the direction of the parent port authority merger takes shape, we plan to begin full-scale preparations for the subsidiary consolidation," said Kim Hye-jeong, director general of the ministry's maritime logistics bureau. "We will use this meeting as an opportunity to continue communicating with relevant institutions and stakeholders to develop a sound approach for a successful subsidiary merger."


adastra@heraldcorp.com