Adoption of Stewardship Code
The Korea Corporate Governance Service announced on June 27 that all of the top three asset management firms in South Korea decided to adopt the Stewardship Code.
KB Asset Management submitted its plan to the Korea Corporate Governance Service on June 21 and is planning to adopt the code in the fourth quarter of this year. Samsung Asset Management and Mirae Asset Global Investments, which made the same decision last month, are planning to adopt it in the fourth quarter as well.
Among the others, Korea Investment Management expressed its intention to do so last month and Hanwha Asset Management submitted its plan on June 16.
At present, 37 asset management firms and private equity funds and one investment consulting firm in the country are planning to adopt the code. The number increases to 42 when those are included that have expressed their intention and have yet to submit a plan. JKL Partners, Isang Partners and STIC Investment are already implementing the code.
The National Pension Service, in the meantime, is yet to make a decision. With regard to this matter, professor Choi Joon-sun at Sungkyunkwan University Law School pointed out on June 26 that its exercise of its shareholder rights can be deformed into intervention in business by the government.