[2022 National Audit] National Pension Fund Committee Meetings, Cabinet Members' Attendance Rate 'Very Low'

Analysis by Assemblyman Kim Won-i: Over the Past 3 Years, Only 24% Attendance by Deputy Minister of Economy and Finance... Deputy Minister of Industry Completely Absent

[Asia Economy Reporter Jo In-kyung] The attendance rate of ex officio government ministers at the National Pension Fund Management Committee, the highest decision-making body of the National Pension Service, has been found to be very low.

According to the status of meetings of the National Pension Fund Management Committee submitted by the Ministry of Health and Welfare to Kim Won-i, a member of the Health and Welfare Committee of the National Assembly from the Democratic Party of Korea, the committee held 25 meetings over the past three years: 10 in 2020, 10 in 2021 (excluding one written meeting), and 5 this year.

The committee is chaired by the Minister of Health and Welfare and includes five ex officio government members: the Vice Ministers of the Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, and Ministry of Employment and Labor, as well as the President of the National Pension Service. In addition, 14 civilian members participate, including 3 representatives recommended by employers, 3 by workers, 6 by regional subscribers, and 2 related experts.

Over the 25 meetings in the past three years, the chairperson, the Minister of Health and Welfare, had an attendance rate of 68%. The Vice Minister of the Ministry of Trade, Industry and Energy did not attend any meetings in person, while the Vice Minister of the Ministry of Economy and Finance attended 24%, the Vice Minister of the Ministry of Employment and Labor 8%, and the Vice Minister of the Ministry of Agriculture, Food and Rural Affairs 4% of the meetings.

According to Article 103 of the National Pension Act, the National Pension Fund Management Committee is responsible for important duties such as deciding on the guidelines for managing the National Pension Fund, which amounts to 915 trillion won, negotiating the deposit interest rate when entrusting the fund to a management fund, planning fund operations, and managing and operating the fund's usage and content.

Rep. Kim stated, "Since the introduction of the National Pension Fund Stewardship Code, the Fund Management Committee, which should discuss important issues such as ESG investment and exclusion of investments in coal companies and wartime companies, is being operated very inefficiently," and added, "Public officials should not just talk about reforming the National Pension Service but must faithfully perform their basic roles, such as attending meetings as stipulated by law."