Research Report
Ⅰ. Background and Purpose
□ Background of this study
○ Publication of “principle of institutional investors’ fiduciary duty” which can be referred to as Korean version stewardship code
○ Fortified responsibilities imposed to institutional investors for fulfillment of fiduciary duty and improvement
□ Purpose of this study
○ Provision of resources for establishment of stewardship code which may improve corporate governance structures of companies and reform constitution of capital market in Korea
Ⅱ. Main Summary
□ Basis of the effect of stewardship code as soft law, not statue law
□ General idea of stewardship code
○ Meaning of stewardship code
- Korean vocabulary according with stewardship code
- Relations with shareholder activism of institutional investors
- Issue of stewardship code and a review on the criticism
○ Review on the issue and the direction of system maintenance
- Review on the grounds of the criticism against stewardship code by financial circles
- Review on the direction of system maintenance
□ Status of the establishments of stewardship codes across the country
○ Review on the code of the UK which established stewardship code first
○ Review on the stewardship codes of Holland and Japan
○ Review on agendas of stewardship codes all over the world to foster the capital market and build a strategy for system maintenance which benefits institutional investors
Ⅲ. Expected Outcome
□ Contribution to the capital market and establishment of healthy stewardship code
○ Contribution to the establishment of code which benefits both companies and institutional investors