Recently, the intervention of corporate management of the National Pension has been in full swing. The National Pension actively exercised the stewardship code at the general shareholders’ meeting this year, and the government’s influence on private companies has also increased. There are 290 listed companies that hold more than 5% of the national pension among which, there are 90 companies hold more than 10%.
As a result, there is a growing expectation that domestic institutional investors such as the national pension plan will be able to prevent attacks by corporate hunters in accordance with the stewardship codes. On the other hand, there is a concern that the management rights of major corporations become weak and governance structure may shake due to the abuse of the shareholding rights of the National Pension. This session will consider the possibility of changes in the Korean capital market with the application of the stewardship code and the growth of financial companies.