연기금의 공공성과 기관투자자로서의 수탁자책임 = The Public Character of Public Pension Funds and the Fiduciary duty as Institutional Investors

다국어 초록 (Multilingual Abstract)

The past decade has witnessed extraordinary growth in the assets held by institutional investors, specially pension funds. The trustee of public pension fund have a fiduciary duty to act as if it were making investment decisions for itself. Ordinarily, this means that the fiduciary considers only economic criteria in order to maximize returns and increase the fund's total asserts. If the fund manager chooses to engage in 'socially responsible investing', by contrast, the manager considers noneconomic criteria in making investment choices. Socially responsible investing vary in their investment objectives and in their means of pursuing these objectives. Individuals have different views as to which types of investment are beneficial to society, and this is reflected, to a limited extent, in the variety of socially responsible funds available in the market.
In recent year, consumers, stockholders and the broader civil society are more aware of harmful business practices and have come to exact high standards from corporations and to insist that goods be produced not only efficiently but also ethically. Positive attention of consumers and investors increases market opportunities and yields direct economic benefits. In general, corporations strive to make profits and increase the value of their shareholders' investments. However, there is a growing view among investment professionals that environmental, social and corporate governance issues can affect the performance portfolios. In this article , I would like to explore relationship of public Character and the Fiduciary duty of pension funds.