[Korea hyerin nine financial newspaper reporter] imjongryong finance chairman said he would go to consultation to give incentives to asset management companies participating in dozens code stewards.
Finance Committee held a "Stewardship Code Authority meeting scheduled to participate in" 13 days in corporate governance circles and in collaboration with the Korea Exchange in Yeouido.
This is where imjongryong finance chairman of "financial related institutions and pension funds, asset holders have agreed to give an incentive to solve the long-term-profit nature of the asset management companies participating in the stewardship code when selecting entrusted management company nagagetda," he said.
In this day conference chairman Lim was like listening to meet asset managers and investment advisors, including being prepared or reviewed dozens code implementation steward readiness and opinions. In addition, the financial industry related organizations such as banks, the Depository has come true assistance to facilitate the Stewardship Code activity.
Stewardship Code is "institutional investors in the Republic of exercise shareholder rights (code of conduct) 'to attract investment in naedorok responsibility to present a general meeting of shareholders voting instructions of institutional investors, including pension. Since first introduced in 2010 by the British is currently operating in 10 countries, including Canada, Netherlands, Switzerland, Japan, Hong Kong and Taiwan.
Chairman Lim explained, "There is a need to break the domestic stock market range-bound and three institutional framework must be equipped to become a developed market such as restructuring and IPO funds enabled, the Stewardship Code proliferation of exchange."
Once accomplished according to the Stewardship Code faithful exercise of voting rights by institutional investors, the stock and capital markets and processes that work will also improve corporate transparency.
Japan has 214 participating institutional investors as of the end of last year after the February 2014 introduction of ten stewards code. In response to the vigorous activity of the shareholders, institutional investors actively spreading the Shareholders in accordance with the return policy, etc. Japanese firms to increase the share buyback Japanese markets were moving away from long-term range-bound in '20.
Im chairman was "corporate governance circles manuals, guidelines, such as the urge to perform cycles without serve as an initial administrator, such as creating ‧ distributed in a timely manner setback", "institutional investors to participate in the code, leading are to follow participants Since the role of standards, taking into account the purpose of the code will asked to pay particular attention to the operation. "
The financial authorities of corporate governance circles, relevant organizations, experts, etc. Statutory Interpretation needed for smooth Shareholders activities by constructing a working council to participate, system improvement, and identify and support plan materials provided demand, financial related entrusted management of assets for institutions or pension funds is expected to continue consultations provide an incentive plan for the asset management companies joining the stewardship code.
Finance Committee and the Corporate Governance circle is planning to operate a consultative body working from February to support the activities of the various issues relating to shareholder stewardship code ten.
Practical council plans to review the financial crisis, the Financial Supervisory Service, corporate governance circles, Korea Financial Investment Association, research institutes, and participation, including legal experts, legal analysis and system improvement recommendations, etc.
On the other hand, this conference include the future stewardship scheduled to participate in a code eight companies (Samsung Asset Management, Mirae Asset, Korea Investment Trust Management, trustee Stone Asset Management, Meritz Asset Management, lime Asset Management, Zebra investment advice, the Minister of Economy Institute) 9 the two asset management companies, etc. attended.
Financial Daily Economic News FNTIMES - unauthorized reproduction for commercial purposes in accordance with the Copyright Act, No copying, distribution,
Copyright ⓒ Korea's financial newspaper & FNTIMES.com
