KOSPO on a Roll

Expands innovation according to the implementation regime of V-KOSPO

Korea Southern Power Co. (KOSPO) has witnessed electricity sold and sales skyrocketing 33 percent and 88 percent, respectively, during the six-year period compared to April 3, 2001 when KOSPO was inaugurated as one of the nation's five power companies. KOSPO has made feats: having maintained No. 1 position among the five power companies for the sixth straight year in terms of fuel efficiency rate, capacity factor rate and power generation amounts.
KOSPO CEO Kim Sang-kab delivered a thank-you message to all officers and staff members for their contributions to making KOSPO the most efficient company during a ceremony marking the sixth anniversary on April 3.
In his speech in front of all KOSPO officers and staff that participated in the ceremony held at the company's grand conference room, CEO Kim said, KOSPO has thrown its heart and soul into preparing itself for the future despite difficulties it faced, stabilizing operation of facilities, and innovating its corporate culture and the way work is done.
KOSPO President Kim said, "I have seen during my career several cases of public companies indicating that a lack of consistency is the most vulnerable thing for the management of public companies."
He said his company will continue to push KOSPO's management policies it has been carrying out for the past three years. CEO Kim said KOSPO will continue to pursue its basic values: a profit-oriented substantial management & respect for human, open-minded management for labor-management coexistence and future-oriented changes and innovation management, saying that the implementation of consistent management policies can raise tangible outcomes and improve corporate constitution."
In an effort to realize a specific and ambitious goal of posting 5 trillion won in sales by 2011, whose plan was established in 2006, he said, KOSPO plans to expand innovation according to the implementation regime of V-KOSPO, work toward the establishment of an advanced corporate culture for ensuring voluntary changes, and widen dialogue channels to build up sound labor-management relationships and labor-management culture for coexistence.
RECOGNIZED FOR INNOVATIONS. KOSPO won the 2006 Korea Management Award, Grand Prize in overall category from Korea Management Association Consulting in recognition of its excellent management innovations.
In 2005, KOSPO snatched Korea Management Award, Grand Prize in the innovative management category and Korea Management Award, Most Excellent Prize in the ethical category. KOSPO has been recognized by outside expert institutions for having achieved remarkable management performances by implementing an innovative system, dubbed "V-KOSPO"on a continuous and systematic fashion.
KOSPO have developed its own innovative system, "V-KOSPO"and all staff members have been participating in the fourth phase of the innovative drive.
During 2005, 1700 KOSPO employees participated in the innovative drive and translated 447 tasks into action, bringing about 107.6 billion won worth of economic benefits. During 2006, staff members have partaken in 246 tasks.
KOSPO has pursued innovations as it has delegated more than 30 percent of its current work to lower echelons under a strategy "Strategic Management through Innovation of Organizational Culture and Empowerment for Speed Management."Thanks to these innovative efforts in diverse areas, KOSPO registered a whopping 41 percent growth rate in 2005 over 2004 and posted 107.2 billion won in net income, 9.3 billion won more than 2004. The electric power company was classified into Level 5 in a management innovation survey for the second straight year, and placed second in an integration survey, climbing up four notches, particularly ranking first among the power generation companies. nw

KOSPO President Kim Sang-kab delivers a speech on the 6th anniversary event.