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Reform on pension fund governance and management : The 1998 reform of Korea national pension fund

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  • Reform on pension fund governance and management
  • Kim, Woochan
  • Korea University


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Title Reform on pension fund governance and management
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Sub Title

The 1998 reform of Korea national pension fund

Material Type Reports
Author(English)

Kim, Woochan

Publisher

[Seoul, South Korea]:Korea University

Date 2011-02
Pages 41
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Social Development < Employment
Holding SSRN

Abstract

The 1998 governance reform democratized the management of National Pension Fund (NPF) by filling majority of seats in the Management Committee with non-government civilians representing pension policyholders. The reform also abolished the practice of NPF surrendering pension surplus into the hands of government bureaucrats. Interestingly, this reform was initiated, led, and sustained by a civil organization named People’s Solidarity for Participatory Democracy (PSPD). Despite the 1998 Reform, however, there are remaining issues to be resolved. The lack of investment management expertise among the Management Committee members and the lack of its leadership over investment policy pose serious problems.