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Korea’s asset majors promise to join the stewardship norm

Collected: 2017.02.14

Distributed: 2017.02.15

Source: Go Direct

South Korea’s eight asset managers including largest Mirae Asset Global Investments Co. vowed to incorporate the so-called stewardship code that would ensure greater exercise of voting rights in the companies they invest in.

A stewardship code is a set of guidelines for institutional investors to exert their voting rights to promote investor’s active involvement in corporate management with the goal of maximizing shareholder benefit.

The country’s eight asset managers - Mirae Asset Global Investments, Samsung Asset Management Co., Korea Investment Management Co., Truston Asset Management Co., Meritz Asset Management Co., Lime Asset Management Co., Zebra Investment Management, Daishin Economic Research Institute - pledged to follow the code in a meeting with the chief of the Financial Services Commission (FSC).

FSC Chairman Yim Jong-yong said priority would be given to financial institutions that follow the code when state lenders and pensions seek out partners to manage their assets.

The stewardship code would make institutional investors more actively involved to keep another pair of eyes over corporate management, he said.

The stewardship code was first introduced in the United Kingdom in 2010 and around ten countries including the Netherlands, Canada, and Japan so far have adopted the code. The Korean government has been promoting the stewardship code as a new incentive to the stagnant stock market.

By Bae Mi-jung

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