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Korean Journal of Financial Studies 2015;44(1):127-156.
Published online February 28, 2015.
How Can the Korean National Pension Service Enhance Independency and Specialty in Exercising its Shareholder`s Rights?
Yun Sik Kang, Kyeong Woo Wee
국민연금 주주권 행사의 독립성 및 전문성 확보 방안
강윤식, 위경우
Abstract
This paper tries to seek the action plans that help the Korean National Pension Service to efficiently exercise its shareholder’s right to enhance the transparency in its decision making and the value of the investing companies. Specifically we suggest and discuss the following four action plans: (i) trust building and formation of favorable public opinion by improving the procedural transparency in the exertion of its voting right (especially by exercising the inquiry right on the important agenda of the general shareholder meeting), (ii) delegation of its voting rights to the asset management companies in case of discretionary investments, (iii) use of proxy reports prepared by independent professional agencies, and (iv) use of independent candidate pool in recommending the outside directors to the investing firms. We expect that these action plans will make the National Pension Service be less concerned about the issues relating to the pension fund socialism, excessive intervention on the investing companies, and lack of its organizational independence, which in turn will improve its financial performance.
Key Words: 국민연금,기업가치,의결권,주주권,투명성,Action Plans,National Pension Service,Shareholder`s Right,Transparency,Voting Right
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