Voting Rights for National Pension's Domestic Equity Holdings to Be Delegated to Select Discretionary Asset Managers (March 5, 2026)

The Ministry of Health and Welfare is advancing a plan to allow private asset management companies to exercise directly a portion of the voting rights attached to domestic equity holdings of the National Pension.

The Ministry of Health and Welfare announced on the 5th that it received and discussed a report on "measures to promote stewardship responsibility activities in outsourced domestic equity management" at the second meeting of the 2026 National Pension Fund Management Committee, held at the Government Seoul Complex.

Currently, the National Pension's Fund Management Division directly exercises voting rights—including over shares held under outsourced management—in companies in which it has made direct investments.

By contrast, for companies in which the Fund Management Division has not made direct investments, voting rights are exercised by the outsourced asset managers.

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