First Foreign Participant
The Korea Corporate Governance Service (KCGS) announced on September 26 that Oasis Management Company decided to participate in the Stewardship Code of South Korea.
The Stewardship Code refers to a set of guidelines on the exercise of voting rights by institutional investors. The Stewardship Code of South Korea was implemented in December last year and Oasis Management Company has become the first foreign institutional investor participating in it. At present, one South Korean asset management firm and four private-equity funds (PEFs) are participating in it with the company.
Oasis Management Company is a global investment firm headquartered in Hong Kong. It opened the Stewardship Code of South Korea on its official website and declared that it would comply with each of the seven detailed rules of it. Previously, Oasis Management Company joined the Stewardship Codes of Japan, Hong Kong and the United States.
“A total of 56 organizations are scheduled to participate in the Stewardship Code in the near future and they include 16 asset management firms, two insurers, one bank, three securities companies and multiple PEFs,” the KCGS explained, adding, “In addition, one British and one American institutional investors recently made an inquiry on how to follow suit.”