기관투자자로서 연기금의 주주권 행사에 대한 법적 고찰

Public Pension Fund is playing a more important role in corporate governance. It is needed that Public Pension Fund gives higher voice as a shareholder than ever before to improve corporate governance. Although Public Pension Fund is theoretically estimated in a proper position to supervise the misconduct of corporate management as well as there are growing interests about reinforcing the shareholder's rights, institutional investors have not been inclined to exercise the stockholder’s rights. It is largely because they worried about being blamed for pension fund socialism. This article proposes that it is to be considered to determine the way of exercising the shareholder’s rights that ① the fact that the amount of Public Pension Fund is getting larger leads to not to be under control of other economic units, ② fiduciary duty does not fulfill the active role, but carry out the role of passive standards, and ③ the governance of Public Pension Fund is vulnerable to political influence. In conclusion, this article concludes that exercising the shareholder's right of Public Pension Fund should be focused on voting right properly and it should be gradually considered to expand the use of stockholder’s right such as managing the focus list and so on.