Stewardshop code adopted by vast South Korean pension fund
The National Pension Service in South Korea has voted to adopt a stewardship code that will see it engage more with companies.
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The third-largest pension fund in the world, South Korea's National Pension Service (NPS), has adopted a stewardship code that observers hope will put pressure on the country's conglomerates to improve corporate governance.
The move will improve transparency of voting in companies where the NPS owns shares. The code was adopted after a meeting on Friday of the NPS's fund management committee, its most senior decision-making body. The NPS has around $430bn in assets.
Park Neung-hoo, South Korea's health and welfare minister, told the Yonhap News Agency: "We are introducing the stewardship code to strengthen transparency and independence
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