공적 연기금의 지배구조와 기관투자자로서의 역할

Abstract

Pension funds represent the largest pool of investment capital in the world. Institutional investors have both greater incentives to intervene in management than the individual shareholder, and that intervention by them is much more practicable. Therefore, institutional investors, specially pension funds, have a great role to improve of corporate governance in our markets. The entity or party charged with managing pension funds has a fiduciary duty to act as if it were making investment decisions for itself. Ordinarily, this means that the fiduciary considers only economic criteria in order to maximize returns and increase the fund’s total asserts. If the fund manager chooses to engage in ‘socially responsible investing’, by contrast, the manager considers noneconomic criteria in making investment choices. Socially responsible investing vary in their investment objectives and in their means of pursuing these objectives. Individuals have different views as to which types of investment are beneficial to society, and this is reflected, to a limited extent, in the variety of socially responsible funds available in the market. In such an instance, the socially responsible investor uses some combination of negative and positive screens to implement the fund’s investment strategy in accordance with a broader social, political, or, normative framework. In this article, with these issues in mind, I would like to explore problems of the governance of Public Pension Funds and the role of institutional investors. And then, I would try to examine roles and responsibility of Public Pension Funds for improvement of corporate governance.