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    The National Pension Fund (NPF) is governed by the National Pension Act and administered by the Minister of Health and Welfare. Key matters on fund management are approved by the National Pension Fund Management Committee (FMC), chaired by the Minister. As sub-committees of the FMC, the National Pension Fund Management Practice Evaluation Committee and three Special Committees provide advice and make recommendations.

    Under the National Pension Service, commissioned by the Minister to manage the NPF, the National Pension Service Investment Management performs a wide array of activities in accordance with investment policies and guidelines approved by the FMC, ranging from investments in domestic and global equities, fixed income and alternatives, to risk management and stewardship activities. An in-house research institute, National Pension Research Institute, conducts extensive research on matters pertaining to public pension plans and assesses the performance of the NPF.

    Governance Model

    Governance Model

    Ministry of Health and Welfare

    • National Pension Fund Management Committee
      (Chair: Minister of Health and Welfare)
      • Committee members: a Chair, 5 ex officio members and 14 persons including external experts and individuals representing employers, employees and contributors
      • Role & Responsibility: Set and give directions on investment policies; make decisions on key matters relating to fund management, including performance assessment, the development of guidelines and asset allocation plans, etc.
    • National Pension Fund Management Practice Evaluation Committee
      (Chair: Vice Minister of Health and Welfare)
      • Committee members: a Chair, 5 ex officio members, and 14 persons including external experts and individuals representing employers, employees and contributors
      • Role & Responsibility: Conduct a preliminary review of agendas to be submitted to the National Pension Fund Management Committee
    • Special Committee on
      Investment Policy
      (Chair: Person elected
      among full-time members)
      Provide advice on major policy agendas in relation to fund management
      Special Committee on
      Responsible Investment &
      Governance
      (Chair: Person elected
      among full-time members)
      Review key matters concerning shareholder activities, responsible investment, etc.
      Special Committee on Risk
      Management and
      Performance Evaluation &
      Compensation
      (Chair: Person elected
      among full-time members)
      Provide advice on performance assessment policies and examine compensation policies

    National Pension Service

    • National Pension
      Research Institute
      Conduct research on public pensions, financial accounting, fund management, etc.
    • National Pension Service
      Investment Management
      Manage and invest the National Pension Fund, conduct responsible investment and risk management, etc.
      • Audit
      • Compliance