National Pension Voting Rights to Trust Asset Managers — “Concerns That Stewardship Will Be Nullified”: Article on the Public Pension Strengthening People’s Action’s Claim (March 8, 2026)
- #국민연금법
(The Pension Future Forum held its 12th and 13th seminars on the themes of “Strengthening the National Pension’s Stewardship Code” and “Improving the Governance Structure of National Pension Fund Management.”
The main purpose was to affirm that the National Pension must not infringe on the autonomy of corporate management or fund management.
Recently, the government seems to be showing a somewhat more forward-leaning stance on this.
Regarding the government’s change in position,
for now,
the Pension Future Forum expresses its support!
The Public Pension Strengthening People’s Action, which led the deterioration of the National Pension on March 20, 2025,
unlike the Pension Future Forum,
has come out to criticize this forward-leaning stance on the part of the government!
As for the large-conglomerate-related issue raised by the Public Pension Strengthening People’s Action,
the Pension Future Forum does share some sympathy regarding the operation of the stewardship code, but
if the entire process
is run with 100% transparency,
it appears to be a problem that can be resolved!
We attach the related article.)
However, opposition is fierce regarding the push to transfer the National Pension’s voting rights to trust asset managers.
At the Fund Management Committee meeting on the 5th as well, there was considerable opposition. Objections were raised by more than just the worker representatives.
The Fund Management Committee is chaired by Minister of Health and Welfare Jung Eun-kyeong and is composed of six government members, three employer representatives, three worker representatives, six regional subscriber representatives, and two experts.
Critics point out that this is a structure in which independent fiduciary responsibility cannot be exercised when the trust asset managers are affiliates of large conglomerates or have large conglomerates as clients.
Jegal Hyeon-suk, Professor in the Department of Social Welfare at Hanshin University,
“It is inappropriate to hand over the National Pension’s voting rights when Korea’s asset management firms have weak fiduciary-responsibility practices and lack independence from large conglomerates,” she said, adding
“if the National Pension does not exercise its voting rights itself and instead hands them over to private asset managers, the pension fund built up from the public’s retirement savings may end up invested in places that lack public accountability, or become difficult to manage.”
