ESG 관련 기관투자자 및 이사의 의무에 대한 고찰

The ESG management has been recognized since the early 2000s. In addition, related investments expanded gradually. As of 2020, ESG-related investment of all over the world was $35.301 trillion, and the size of domestic ESG funds is estimated to be 370.7 billion won. Just as the investment related ESG is increasing and the size of investment is expanding rapidly, related investment risks are also growing that much. The UK has been interested in and continued to discuss ESG-related issues since the 1920s. In addition, by establishing ESG-related regulations in the Company Act of 2006, institutional investors or directors of the company were obligated to consider ESG. On the other hand, Korea's current legal system has no regulations related to ESG. However, by revising the only National Pension Act in 2015, it stipulates that factors such as environmental, social, and governance related to investment targets can be considered in order to increase long-term and stable profits. But since this regulation is a voluntary regulation, it can be said that even if institutional investors do not consider it, they are losing its effectiveness, such as not taking any responsibility for it. Therefore, hereinafter, I would like to prepare methods to improve the current legal system in Korea through a review of the UK system. Specifically, the UK's ESG-related discussion background and process in Chapter 2, the institutional investor's fiduciary duty in Chapter 3, and Because the duty of institutional investors in Chapter 3 are based on the fiduciary duty of directors under the Company Act, the fiduciary duty of directors under the Company Act are considered In Chapter 4. And in Chapter 5, I would like to present methods to improve Korea's legal system related to ESG. As a result, it is necessary to revise the Capital Markets Act or the Commercial Act as follows. First, since ESG consideration is a global trend, it is necessary to legislate the company's institutional investors or directors to be obligated to consider ESG. Second, when making a company's management decision, the interests of ordinary shareholders and the interests of the company are considered. However, when considering ESG, it is necessary to broadly interpret the interests of the company to consider the interests of stakeholders.Third, even if institutional investors or directors consider ESG factors, there is controversy over what specific matters to consider, and it is necessary to establish evaluation criteria for this. Finally, just as the UK discloses ESG-related business contents, our country needs to disclose them in the Capital Markets Act or the Commercial Act to suit our situation.