[Korea goyounghun financial newspaper reporter] was the attention focused on Samsung C & T shareholders' meeting held July 17th 2015. The foreign hedge fund Elliott opposed the merger of Samsung Corporation and Cheil Industries, and then went to the General Assembly the table showdown. Samsung Samsung C & T was in the lead after the price dwaetjiman merger proposal was passed rather poor. Samsung C & T shareholders will not have good results. Choesunsil situation with respect to the special prosecutor has been investigating the recent progress on the case because of the alleged wrongful exercise of that pension support.
Stewardship Code was first introduced in 2010 by UK voluntary guidelines for actively induced by the exercise of voting rights of pension funds and other major institutional investors and asset managers. The expansion of the dividend to the company or to maximize shareholder value through improved governance a priority.
Under discussion in Congress' economic democratization Commercial Code "also it included numerous policies for shareholders. Caution shareholder activism has been the United States conducted over the last 100 years the wind has blown shut in Korea. Financial authorities and financial investment industry, has introduced a 12-month stewardship code at the end of 2016 years of travail.
However, pension funds and management companies were also involved handamyeonseo are reluctant sympathy, the introduction of intent. Two months that no member organization reflects these realities.
The code is voluntary agreement without coercion Bonnie lacks based organizations should be introduced, taking the responsibility and expense. It is the most important, so that the pension aesthetic hanging introduction of other agencies delayed the dangyeonjisa.
In presenting the financial authorities carrots book and induced the introduction of a code manager. In the last 13 days scheduled to participate in an open Stewardship Code imjongryong financial institutions meeting chairman said he would give incentives for asset managers participating in dozens code stewards. 8 Asset management companies such as Samsung, Mirae Asset, Korea Investment Trust Management, trustee Stone Asset Management participates in addition to the code and the previous director was a changed atmosphere. Code adoption is not independent of the increasing interest in responsible investment (Responsible investing, RI) due to the recent global economic volatility.
What is Responsible Investment environment of effective risk management and non-financial nature to get long-term rate of return (Environmental), social (Social), governance (Governance) concept applied elements. Focused and socially responsible investment (SRI) focus more on long-term rate of return is different from having.
Norway's largest pension funds, sovereign wealth funds around the world were also present investment guidelines based on these ESG. Currently these ESG investment in Japan is scrambling to actively and has shown a positive move in the Stewardship Code also states, such as Taiwan and Hong Kong.
In the last month, 25 days Seminar organized by the Korea Capital Market Institute suggests that if you increase the fairness opinion that foreign investors due to assessment and accountability codes may appear more attention to the domestic capital market.
Korea Investment Trust Management johongrae representatives from the spot said: "The stewards have ten codes should be expanded in the future market down roots in ESG management".
This year, the General Shareholders 'Meeting Shareholders' Meeting herd without fail Moline is a massive aspect in March. December settlement corporation as it may, but it is inevitable if the shareholders' meeting that more than half of the listed companies last Friday rushed goes heck not convincing. Being rushed to the shareholders' meeting date has been pointed out as a problem even the experts. In addition geosugi role of institutional investors it is also not easy because of minority shareholders attending the shareholders' meeting's gotta distributed.
Even industry experts facilitate the exercise of voting rights is due to the introduction of a code sikigie empowerment shareholders in the short term was expected that it would take considerable time.
Instead Economic Research Institute "as if you specify a shareholders' meeting in Taiwan to run inside on a given day, but the mandatory liberalization itgie advanced the view that the system is difficult," he said. Code adoption is expected to increase a bit the utilization of advance voting and electronic voting can make a small watch would be a starting point for corporate governance as a starting point to improve it. The business community was extremely negative on the introduction of the code also it shows the face of the recent piecemeal changes.
July 20, 1969 Apollo 11 succeeded in lunar exploration. Mankind was the first encounter with the unknown that month.
"One person balgeom just a little negative, but one giant leap for mankind."
Says a famous astronaut Neil Armstrong. Like the sound of a human into space balgeom should naedineo a small step to Korea's capital market is also shareholder activism.
Current Financial Investment Association are discussing the possible detailed provisions apply in addition to the existing seven principles with eight managers participating in dozens code stewards. Come to announce the first three, but wolnae code introduced themselves heard Bonnie say is no easy task in relation to issues such as conflicts of interest.
In addition to the original purpose of expanding shareholder Stewardship Code it is coming to a positive evaluation of capital market investment. Pension funds and management companies will be introduced must not hesitate any more code, even if it is trial and error.
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