ESG 투자와 기관투자자의 수탁자 책임에 관한 연구

This paper summarizes basic information on ESG investment and analyzes discussions in the US and UK regarding ESG investment and trustee responsibility, As some suggestions for the development of the domestic ESG investment ecosystem, A way to establish the trustee responsibility of institutional investors, the evaluation system of ESG-related information and a method to establish the validity of information disclosure standards were proposed. Recently, ESG investment which incorporates environmental, social, and governance structures into investment strategies is expanding worldwide. This means that various problems such as environmental destruction or the surface of a disparity society, occur and if they are left unattended the growth of the entire market will be hindered increasing the number of investors concerned about damaging the corporate value of the investment destination. Such ESG investment has developed mainly in Europe and America and is increasing in Korea, but the amount of investment is overwhelmingly small. One of the backgrounds is the historical background of SRI development in Europe and America, but I think it is due to differences in the interpretation of trustee responsibility. Currently, there is no legal regulations on the considering ESG factors in Korea, unlike cases in the United States and the United Kingdom. However the Stewardship Code an action guide for institutional investors including pension funds is being revised from the perspective that it is beneficial to include projects on sustainable growth, including ESG factors in the investment process. As in major foreign countries, the level of recommending the consideration of ESG factors in pension fund management is becoming stronger. Considering the global trend of ESG investment, it is important for both domestic institutional investors and companies to further deepen their understanding of non-financial information such as ESG factors from the viewpoint of Korea's international competitiveness. In addition to clarifying legal regulations on the consideration of ESG factors such as pension funds, if ESG investment-related transactions and investment products increase through securing the validity of the ESG evaluation system and information disclosure standards, it is expected to contribute to improving and revitalizing the domestic financial market.