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The pension code of the National Pension has finished its departure. On May 17, the Yeouido Financial Investment Association in Seoul held a public hearing to gather public opinion.
The same day, the Ministry of Health and Welfare announced that it would suspend the right of participation corresponding to the "participation in management", which concerns the business world, by announcing the " Stewardship Code Introduction Plan. However, the announcement of a plan to strengthen the activities of shareholders led to the badessment that the national pension sharpened the sharpness of the sword to the company more strongly that & # 39; before.
According to the introductory plan, the national pension plan will improve dividends. △ announce the pre-announcement of the event △ to establish the basis of the representative shareholder dispute △ to complete the obligation to file an action for damages.
Next year, we will select and develop other management themes, expand non-public business dialogue, establish guidelines for directors and administrators, appoint directors and auditors and expand the activities of shareholders using management companies. But the three questions surrounding the steward's code remain.
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Among the experts, there were many demands to reform the national pension governance to prevent the government from influencing. However, it was only half the performance. The plan, published today, provided for the reorganization of the civil committee to entrust the exercise of the rights of participation, but no discussion on the reorganization of the management committee of the fund led by the Minister of Health and Social Protection, supreme organ of the national pension scheme.
The Department of Health and Welfare announced that it would review and decide on important issues related to the exercise of shareholder rights and responsible investment by establishing a committee of specialized advisers that would exclude government staff. This committee is composed of up to 14 members of the existing voting rights committee, which will decide on the voting direction determined by the fund management office or decided by the Trustees' Accountability Committee. and some large public management companies. I will do it.
The new organization, composed of civilian experts, has also not been completely independent of the government. According to the principle of fiduciary responsibility of the National Pension announced the same day, the Fund Management Committee establishes policies and guidelines on fiduciary responsibilities, and the fiduciary responsibility Committee remains in the organization that supports the taking of decision. Although it was decided to decide the direction of the exercise of the important voting right, this is not very different from the role that was played by the existing voting committee. In addition, the composition of the Trustees' Liability Committee has not changed significantly from the previous one, in the same way that the Minister of Social Affairs, Chair of the Fund's Management Committee, receives the recommendation of the representative of the Trustees. members and the institution.
It is also controversial that the announcement of the right to vote in the national pension before the general meeting of shareholders is open to debate. Indeed, the public pension system is likely to enter the public opinion for private badet management companies and minority shareholders by disclosing the direction of voting rights prior to the Shareholders' meeting.
Considering the fact that the decision on the national pension is not effective, only 7 of the 373 national pension cases were rejected last year, but since the national pension is the first and the second largest shareholder in Korea, It is expected that the impact will be overwhelming.
This measure is also incompatible with the intention of delegating part of the voting rights of the National Pension Fund to private wealth management companies and overloading them. In the relationship with the national pension, it is highly likely that the private badet management company, Absolute (B), will accept the earlier ruling of the national pension as it is. Of course, the Ministry of Health and Social Welfare has stipulated that the content of the management code of individual management companies and the criteria for the exercise of voting rights would be independent regardless of national pension standards. However, no clear direction has been provided.
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A representative of the badet manager said: "It is practically useless to delegate voting rights to private management companies if the management of the voting rights is presented in advance." the national pension reduces the burden of returning to individuals, This will be a way to guide the exercise of voting rights. "
There is still a possibility of participating in the management of the National Pension, which is the worst concern in the business world.
The Department of Health and Welfare has decided to strengthen its shareholder-related activities and prepare lawsuits for shareholders in the second half of next year. From 2020, he said that he was going to advance a letter and an open letter. The company plans to introduce shareholder rights that are not subject to the participation of management because of concerns over excessive interference from the company's management and related laws.
Although the holding of shareholder rights, which corresponds to the participation of management, has been reserved, it is expected that it will be possible to exercise the rights of shareholders, such as the meeting of proxy voting rights and the recommendation of directors and nominees. I did not do it.
Yoo Jeong-ju, director of the Korea Institute of Economic Research, said: "If we do not fully guarantee the independence of the national pension system or if we can not participate in the management system, it not enough to wait for the confidence of the national system.Many measures have been taken into account, but there are still many concerns. "
[유준호 기자 / 정우성 기자]
[ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
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