South Korea has the raw materials and equipment to produce a nuclear weapon but has not. In August 2004, South Korea revealed the extent of its highly secretive and sensitive nuclear research programs to the IAEA, including some experiments which were conducted without the obligatory reporting to the International Atomic Energy Agency (IAEA) called for by South Korea's safeguards agreement. The failure to report was reported by the IAEA Secretariat to the IAEA Board of Governors; however, the IAEA Board of Governors decided to not make a formal finding of noncompliance. If the South created nuclear weapons it could change the balance of power on the Korean peninsula. However, South Korea has continued on a stated policy of non-proliferation of nuclear weapons and has adopted a policy to ma