2023 Annual Report

Governance & Organization

KIC is committed to ethical and transparent management. We manage national assets in a stable manner with an honest and fair system. And we faithfully carry out our social responsibilities for the future of Korea.

Governance-Assuring Autonomy & Investment Independence

The Korea Investment Corporation Act stipulates that KIC shall have a corporate governance structure that ensures investment independence and operational autonomy from the government and its sponsors.^{Korea Investment Corporation Act, Article 35}

Steering Committee

The Steering Committee deliberates on and makes decisions regarding the following matters: revision of regulations, mid- and long-term investment policies, management and operational policies, changes to financial status, entrustment of assets to KIC, appointment and dismissal of executives, approval of budgets and financial results, evaluation of management performance, and inspections and audits of KIC’s business.^{Korea Investment Corporation Act, Article 9}

Under the Steering Committee are various subcommittees and ad-hoc subcommittees. The standing subcommittees consist of the Investment Subcommittee, which reviews issues related to investment policies, and the Risk Management and Audit Subcommittee, which reviews risk management policies and the adequacy of risk management, and periodically manages and monitors KIC’s operations.

The ad-hoc subcommittees deliberate on matters delegated to them by the Steering Committee and conduct investigations and produce reports to assist the decision-making activities of the Steering Committee. They include the Evaluation Remuneration Subcommittee, which reviews KIC’s management performance evaluation, and the Budget Subcommittee, which reviews budgets and the settlement of accounts.

Board of Directors

The Board of Directors is composed of the CEO and directors. The Board resolves matters related to the following, in compliance with KIC’s internal regulations: management of the company, management of entrusted assets, risk management, legal affairs and compliance, human resources, and accounting.^{Korea Investment Corporation Act, Article 24}

Chief Executive Officer

Under Article 18 of the Korea Investment Corporation Act, the CEO of KIC is appointed by the President of the Republic of Korea, upon recommendation by the Minister of Economy and Finance, through the President (CEO) Recommendation Committee and deliberation by the Steering Committee. The CEO represents KIC, presides over its business, convenes meetings of the Board of Directors, and serves as Chairman of the Board.

Organization

Steering Committee

Steering Committee Overview

The Steering Committee comprises six professionals from the private sector and three ex-officio members. The ex-officio members are the Minister of Economy and Finance and the Governor of the Bank of Korea as representatives of institutions that have entrusted KIC with assets exceeding a set amount, and the CEO of KIC. Private sector members are nominated by the Civil Member Candidate Nomination Committee, appointed by the President of the Republic of Korea, and serve a two-year term. The chairman of the Steering Committee is elected from among the private sector members.

Sedon Shin

Chairman

Honorary Professor,
Sookmyung Women’s University

Nayoung Kim

Member

Head, Korea Financial Services
Cloud Business Development,
Amazon Web Service

Dong-Hwan Kim

Member

Honorary Research Fellow,
Korea Institute of Finance

Seok Joong Kim

Member

Advisor,
AlphaOne Investment

Kwanho Shin

Member

Professor, Department of
Economics, Korea University

Donghyun Ahn

Member

Professor,
Seoul National University

As of December 2023

Executive Management

Il Young Park

Chairman & CEO

Kwangsik Cho

Statutory Auditor

Hoon Lee

Chief Investment Officer

Hoseok Jung

Chief Risk Officer

Sangmin Lee

Chief Operating Officer