국민연금의 스튜어드십 코드에 관한 연구

The stewardship code began in 2008 with a reflection that the financial company's serious insolvency, which triggered the global financial crisis that began in the United States, resulted from its corporate governance failures, vulnerabilities and indifference to minority shareholders. The Republic of Korea, too, has recently become a social problem in chaebol families, and there have been calls for institutional investors to improve corporate values and governance. There have been problems in the merger of Samsung C&T that the National Pension Service has been passive in exercising voting rights, failing to induce healthy growth for companies. Accordingly, it is recommended that institutional investors adopt a stewardship code in order to strengthen their shareholder status to check the monopolistic management of the board of directors. In December 2016, the Republic of Korea established the “principles on the stewardship Responsibilities of institutional investors” and in July 2018, the National Pension Service issued a stewardship code as the “principle on the Stewardship Responsibilities of the national pension.” In particular, the National Pension Service could have a direct or indirect influence on other institutional investors as its domestic investment amounted to 112.7 trillion won as of the end of May 2019, with the market for domestic shares accounting for around 7 percent of the total value. There is a need to check whether there are any problems with positive effects and legal regulations on the National Pension Service’s move against this. It is also necessary to approach the stewardship code carefully through a balanced interpretation of shareholders’ rights and the management judgment of an entity.