국부기금의 수익-ESG 공존모형 탐색- 노르웨이 GPFG 사례 -

This study explores GPFG (Government Pension Fund –Global) or Oil Fund in Norway to propose a model of return-ESG compatibility for sovereign wealth funds. GPFG has achieved high long-term returns since it first invested money in 1998, while making substantial ESG investment using negative screening strategies such as exclusion and divestment. The paper examines the historical literature to explain the political and social circumstances of GPFG. It also analyzes recent legislation, reports and public documents on the fund using the Truman Scoreboard index to explore the fund’s investment and management mechanisms. The return-ESG investment model, derived from the Norwegian case, ensures investment expertise and management efficiency in terms of cooperation with external investment institutions, a fiscal spending rule and market-type management to reduce costs. The model also requires ethical investment and transparency mandates for ESG practice with the support of civil society. Achieving strong financial returns and ESG performance calls for methodical government policies and legislation, in addition to rational rules and policies adopted by the investing institution. The Norwegian experience can provide lessons for investing and managing Korea’s SWFs. The KIC fund is expected to take the lead in ESG investing, as it is a savings-type fund, rather than pension-type one tied to significant beneficiaries. More specific and greater disclosure of investment information will increase the confidence of citizens in SWFs and account for more rational management of the funds.