National Pension Service “We will increase the return on investment by enhancing our expertise”
Changed the composition of the ‘Recommendation Committee’, which influences the exercise of voting rights
Purpose of appointing ‘expert’ committee members after being recommended by the Institute of Finance
Opposition parties, labor groups, etc. oppose “reform of the committee’s regulations”
[앵커]
The National Pension Service, which made people anxious last year by recording the lowest rate of return ever, was once again in the midst of controversy.
The National Pension Service decided to change the personnel composition of the Trustee Responsibility Committee, saying it was to increase the rate of return, but opposition parties and labor groups are protesting.
Reporter Ki Jeong-hoon reports.
[기자]
“Provide special measures to increase returns”
The measure put forward by the National Pension Fund Management Committee, which was held for the first time after President Yoon Seok-yeol’s instructions, was to enhance professionalism.
It was decided to change the method of recommending members of the Trustee Responsibility Committee, which determines the direction of the exercise of voting rights by the National Pension Service.
It means that all nine members of the committee will reduce the number of members recommended by member groups to six, and three non-executive members will be recommended by expert groups.
[조규홍 / 보건복지부 장관 : 수탁자책임전문위원회의 전문성을 보강하기 위해 위원 구성을 변경하려는 내용입니다.]
The expert organizations mentioned by the Ministry of Health and Welfare are the Korea Institute of Finance, the Capital Market Research Institute, the Business Association, and the Securities Association, and they intend to include experts in asset management, finance, and ESG fields in the committee.
However, the opposition and labor groups are protesting against it, saying it is ‘degenerate’.
The People’s Movement to Strengthen Public Pension, led by the Korean Confederation of Trade Unions and the People’s Solidarity for Participatory Democracy, issued a statement and condemned, saying, “The composition of the committee is composed of business and capital-biased figures, and its independence from the government and capital is threatened.”
Fiduciary responsibility activities are actively exercising the voting rights of stocks held by institutional investors.
If used well, it helps protect shareholders’ rights and interests, but if used incorrectly, there are concerns that it can be abused as a corporate pressure card.
In fact, during the Moon Jae-in administration, when this system was first introduced, the national pension prevented the reappointment of Korean Air Chairman Cho Yang-ho, and the role of the national pension in the recent appointment of KT’s CEO came out, and its power is by no means small.
The opposition and the labor world are also criticizing the appointment of lawyer Han Seok-hoon, a former chief prosecutor, as a full-time member.
[이재강 / 공공운수노조 국민연금지부 위원장 : 뜬금없이 검찰 출신 위원이라니 넌센스도 이런 넌센스가 없다. 이는 코드 인사를 통해 회사 가치와 주주 가치를 훼손하고 자본가들의 이익을 극대화하려는 꼼수다.]
The net asset of the National Pension Service at the end of last year was 890.4 trillion won.
Insurance premium income increased, but investment asset evaluation gains decreased significantly, which is 58 trillion won less than the previous year.
As the government said, the only thing left for the National Pension Service to prove is whether it will enhance its professionalism and increase the rate of return or increase the public’s disappointment.
This is YTN Ki Jeong-hoon.
YTN Gi Jeong-hoon ([email protected])
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