National Pension-Trustees Conflict Over Three Wars… Trustee resignation

Enter 2021.03.16 20:58 | Revision 2021.03.16 21:00

The National Pension Fund Management Headquarters and the Trustee Responsibility Specialized Committee (Consignment Committee) Samsung Electronics (005930)The agenda of the general shareholders’ meeting is in deep red light.

Some members of the entrustment committee said that Samsung Electronics’ agenda should be handled by the entrusted commission, but it is known that there was a conflict when the Fund Management Headquarters confronted it as “an issue that ended the discussion at the internal investment committee”.

According to the financial investment industry on the 16th, at the trust committee meeting held that day, among the nine members, Sun-Tak Hong (recommended by the representative of local subscribers) and others expressed their resignation. Commissioner Hong posted a post on Facebook that day and said, “We resigned from the Trustee Responsibility Specialized Committee today as a protest against the National Pension System, which did not learn lessons from the Samsung C&T merger.

Explaining the reason for the resignation, Commissioner Hong explained, “The important system improvement resulting from the error in decision-making by the National Pension Service on the merger of Samsung C&T is the right to request the referral of the agenda of the expert committee.” It is changed to a committee, but this is not an omnipresent power, but a right to check. Therefore, the procedure for implementing it should be simplified as much as possible.” He said, “It is against the purpose of amendments to the regulations to keep adding such and such procedures to the agenda.”

The National Pension Service requires that more than one-third of the entrusted members of the entrustment request a referral to the entrustment committee to discuss it. This is the first time since the national pension’s internal decision was made public, and controversy over whether it is possible to admit it is presumed .

Commissioner Hong said, “Even if all the payments for the disclosure have been made, if the rights based on the regulations related to the trustee’s responsibility activities have been exercised, then all procedures will be withheld and it should be considered once again.” It was a lesson that the national pension should have learned,” he added.