기관투자자의 의결권 행사에 대한 법적과제

To the present since 1997 financial crisis, in the last 15 years, Korea has enacted various legislations. It was to establish a modern corporate governance structure, by reinforced the responsibility of the Controlling shareholder and corporate executives. Despite the introduction of such a system, is very skeptical on the controlling shareholder and the management of corporate managers, and it was doubtful that was performed properly the functions of surveillance, containment and control. Under these circumstances, since the 1997 financial crisis, voting rights was permitted to the institutional investors in the shareholders meeting. In 2011, government policy officer argued that the exercise of voting rights by public pension funds, such as pension should strengthen. Since, it has been occurred a large social wavelength that the claims in favor conflicted on opinion of the opposite. However, on the controlling shareholder of companies and the business executives the surveillance, containment and control does not the effective. In these reality, it should be approved the role and importance of institutional investors voting rights. To exercise on the voting rights of institutional investors, the following improvements should be made. The duties and responsibilities of institutional investors should be strengthened as a monitor of corporate management. Disclosure of voting rights by institutional investors, expanding the scope of the subject, and shall be open to the specifics. Prior to the exercise of voting rights, disclosure should be made in advance. And voting guidelines of institutional investors and the internal directive of voting rights by institutional investors, including information about the decision, have to be made public. Decision-making institutional independence should be guaranteed. Also it must to receive sufficient information for the shareholders' meeting. And the meeting date shall be notified before some three weeks or four weeks, for it can be analyzed in advance to secure a sufficient period. Voting directive and detailed standard for Pension should define clearly. In addition, institutional investors' voting instructions, the details of the internal standards must be supplemented. To this end, the Korea Financial Investment Association's "voting guidelines", it is desirable to accommodate. In addition, to verify of information on the shareholders meeting agenda and to gain expertise in the analysis, from the professional organizations - ISS(Institutional Shareholder Service), Glass Lewis & Co., Center for Good Corporate Governance(CGCG) and Corporate Governance Service(CGS) - to receive voting advisory services is desirable.