SEOUL, Sept. 27 (Korea Bizwire) – Hong Kong-based Oasis Management has become the first foreign investor to agree to follow Korea’s Stewardship Code since the policy was enacted in December last year.
To agree to a nation’s Stewardship Code means that an institutional investor – an investment firm that manages people’s assets – agrees to engage in good corporate governance for shareholders’ benefit.
Oasis Management uploaded an official statement on its website detailing its decision and its willingness to comply with the seven principles of the Stewardship Code.
It also reached similar agreements on the Stewardship Codes of Japan, Hong Kong and the United States.
Oasis Management released the following statement: “Periodic and constructive shareholder involvement that aims for long term sustainable company growth is an important feature of our investment philosophy. Furthermore, periodic investment monitoring is a core aspect of our investment management policy.”
It also read, “Oasis Management has conducted hundreds of meetings with investment firms’ management and will adopt as a core principle the emulation of exemplary companies to prevent conflicts of interest from arising.”
The number of investment firms who have agreed to the Korea Stewardship Code is now six, including Stic Investments, ENSL Partners, JKL Partners, Q Capital, Korea Investment Management Co. and Oasis Management.
On September 26, the Korea Corporate Governance Service (KCGS) disclosed that 56 financial services firms, including asset management and insurance firms, are prepared to agree to the Stewardship Code. Two major institutional investors, one British and one American, have also contacted the KCGS and indicated interest.