[2026 Parliamentary Audit] "Fund Committee Composition Skews Toward Government... Concerns Over Lack of Expertise"

People Power Party Rep. Cho Bae-sook Criticizes the Committee’s Composition

Concerns have been raised that the National Pension Fund Management Committee, which sets the direction for managing the National Pension Fund, has an excessively high proportion of government representatives, undermining its independence.

Cho Bae-sook of the People Power Party criticized the composition of the National Pension Fund Management Committee during a parliamentary audit by the National Assembly Health and Welfare Committee on October 14.

Cho said, "At the committee meeting last May, all seven attendees were government representatives, including the chair, the Minister of Health and Welfare, and six ex officio members such as vice ministers from various ministries. When discussing major decisions, the committee cannot help but tend to follow the government's position. The unanimous decision to defer rebalancing was made in this context." The committee consists of ex officio members and 14 appointed representatives from various sectors.

Cho also raised concerns about the committee members' expertise. She said that a considerable number of members, including representatives from the Federation of Korean Trade Unions and the Korean Confederation of Trade Unions, have no expertise relevant to fund management. Cho also cited examples from overseas. The management committee of Japan's Government Pension Investment Fund (GPIF) consists of one chair and nine members from the financial, corporate and academic sectors. Canada's Canada Pension Plan (CPP) also has an investment committee comprising one chair and 11 investment professionals.

National Pension Service Chairman Kim Seong-joo responded, "When I was a lawmaker, I pointed out that the proportion of government representatives on the committee was too high. The Investment Policy Advisory Committee, made up of private-sector experts, first coordinates opinions before submitting them to the fund committee, which addresses the lack of expertise."

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