[Initial Perspective] National Pension Service CIO Should Be a Person Who Thinks of the People, Not Personal Gain

[Asia Economy Reporter Park So-yeon] On the 2nd, at the National Pension Service (NPS) Gangnam building, the elevator doors opened, and a man was standing looking back. Who is this person who did not want his face to be shown to the reporter waiting endlessly (known as "ppeotchi")? He is a major player in the capital market managing 1,000 trillion won. The selection process for the Chief Investment Officer (CIO) candidate of the NPS Fund Management Headquarters, entrusted with managing the retirement funds of the people at one of the world's top three pension funds, is in full swing. Out of 15 applicants, six finalists were shortlisted, and five of them were publicly revealed: former Korea Investment Corporation (KIC) CIO Park Dae-yang, former Government Employees Pension Service CIO Seo Won-joo, former Government Employees Pension Service CIO Lee Chang-hoon, Yeom Jae-hyun, Head of Global Operations at Koreate Asset Management, Yang Young-sik, CEO of Stick Alternative Asset Management, and one candidate shrouded in secrecy.

The NPS did not disclose information about the candidates citing personal information protection. The five candidates mentioned above became known through media coverage. In the investment banking industry, rumors circulated that the undisclosed candidate was the presumptive appointee. The truth of this has not been confirmed. Torn between suspicion and curiosity, I visited the site on the interview day to find the undisclosed candidate. NPS officials strictly blocked reporters from entering the interview venue to protect the candidates. The stairway connecting the 9th and 10th floors was also blocked with wooden boards. Since it was unclear whether candidates would come up from the parking lot or enter from the first floor, the elevator was going up and down repeatedly. Known candidates such as Seo Won-joo, Park Dae-yang, and Lee Chang-hoon took the elevator and entered the interview room one after another. The NPS even requested them to get off the elevator. Reluctantly, I stood in front of the first-floor elevator doors and caught the elevator going up from the basement to check the faces of the passengers.

Soon after, the elevator doors opened, and a man wearing a mask appeared. He was clearly dressed for an interview. A moment was captured where he turned his back to avoid showing his face. This was the undisclosed candidate. Based on his appearance, inquiries within the industry revealed that he was Park Cheon-seok, CIO of the Saemaul Geumgo Central Association. Upon learning the identity of the undisclosed candidate, I felt some relief, as he is a proven figure in the capital market. Candidate Park has served as CIO of bond management at Samsung Life Insurance, Samsung Asset Management, ING Asset Management, head of investment strategy at the Government Employees Pension Service, and head of asset management at Heungkuk Life Insurance, and is currently serving as CIO at Saemaul Geumgo Central Association.

It is understandable that Candidate Park wanted to remain undisclosed as an incumbent CIO. Personally, I also felt apologetic. However, if he is to be the CIO responsible for managing the retirement funds of 1,000 trillion won for the people, I firmly believe that even as a candidate, his management experience should be verified publicly. The NPS CIO selection process must be transparent and fair. It is a time when an individual capable of making the most professional and independent decisions in fund management is absolutely necessary. When the economy or market is difficult, pressure inevitably increases for the NPS to make investments considering domestic conditions to some extent. The reason I went to great lengths to find the hidden candidate is to ensure that no inappropriate candidate who betrays the public’s expectations appears. Fortunately, all six NPS CIO candidates have been vetted by the market. Known as the "President of the Capital Market," the NPS CIO candidates are now all publicly revealed. We hope they become individuals who prioritize the people’s retirement over personal gain.