The performance of the Fund is assessed each year with an aim of improving the credibility of the fund
management through transparent and impartial disclosure to the public, and utilizing the results of
performance assessments to further enhance investment management practices. The performance assessment is
conducted for a three-year period or longer in principle, and includes quantitative comparative evaluation
relative to benchmarks and qualitative evaluation on governance, risk management, etc.
The annual performance assessment involves: (1) submission of performance assessment reports by the National Pension Research Institute and an external agency selected by the Minister of Health and Welfare; (2) review by the Special Committee on Risk Management and Performance Evaluation & Compensation; (3) examination by the National Pension Fund Management Practice Evaluation Committee; (4) approval by the National Pension Fund Management Committee. Through this process, the performance assessment is finalized at the end of June of the following year.