"No Inappropriate Conduct"... Government Employees Pension Service Issues Guidance to Entrusted Asset Managers

Official Notice Sent to 83 Asset Management Firms

The Government Employees Pension Service has urged its entrusted asset management firms to uphold ethical management and strengthen internal controls.

On June 11, the Government Employees Pension Service announced that it had sent a notice to a total of 83 asset management counterparties to share the Service's ethical management and internal control systems.

The notice was intended to encourage the responsible personnel at these institutions to cooperate in preventing conflicts of interest that may arise during fund management and to help prevent inappropriate conduct.

The main points included: ▲ Compliance with transaction restriction systems related to fund management ▲ Prohibition of sending confidential information via personal email to strengthen information security ▲ Guidance on using the compliance communication channel and the anonymous reporting system.

Joo Hyuntae, Head of Risk and Legal Affairs at the Government Employees Pension Service, stated, "Ensuring transparency and ethical standards in the management of public funds is a basic principle for maintaining public trust," adding, "We will continue to foster a transparent and sound fund management environment through close cooperation with our counterparties and further strengthen the practice of internal controls and ethical management."

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