기관투자자의 영향력과 의결권 행사의 방향성- 주주총회 주요 의안을 둘러싼 일본의 최근 동향을 포함하여-

The Institutional Investors should fulfill fiduciary duty for the client and the final beneficiary. There are no particular limitations to the specific method, but in recently years there has been a tendency to emphasize the performance of the fiduciary duty through events as shareholders. As the influence of institutional investors increases, it is expected that the firm's governance structures or ESG task by institutional investors will be able to improve corporate governance and tasks, and that the company will continue to grow through it and increase its mid - to long-term profitability. From these expectations, many countries including the EU, Britain, and Japan introduced the Stewardship Code, which requests institutional investors to exercise their voting rights, and Korea also adopted it in December 2016. Considering such domestic and foreign trends, it would be significant to examine the direction of appropriate voting rights of institutional investors. In this paper, first, the institutional investors analyzed the institutional investors’ influence from the current and future perspectives and made it clear that they would contribute to the improvement of corporate governance structures based on their voting rights. In addition, the recent changes in institutional investors’attitudes toward the reform of the legal system improvement or exercise of voting rights should be considered in detail in case of Japan's positive changes in the major shareholders’ meeting, such as appointment of executives or allocation of dividends.