일본 기관투자자의 의결권 행사기준 분석 ― 스튜어드십 코드 도입 관련 GPIF와 국민연금 비교 ―

The National Pension Service(hereinafter ‘NPS’) has confirmed its stance to introduce Stewardship Code in the second half of 2018. The introduction of the Stewardship Code by the NPS is expected to have a large impact on institutional investors in Korea. On the other hand, the Government Pension Investment Fund(hereinafter ‘GPIF’) which is the largest pension fund in Japan, introduced the Stewardship Code in 2014, which led to the participation of the other institutional investors. So it is getting a positive evaluation. GPIF entrusts all stocks to external management entrustment institutions and delegates voting rights to stocks to management trustees. For this reason, GPIF does not have its own guidelines for the exercise of voting rights. On the other hand, the National Pension Fund exercises direct voting rights on the stocks which it holds, and has guidelines on voting rights of the National Pension Fund. This paper, considering the effect of the voting rights of the National Pension Fund on the domestic market, examines Japanese institutional investors’criteria of exercising voting rights, the guidelines for voting rights of the National Pension Fund and the guidelines for the exercise of voting rights of the Korea Corporate Governance Service.