3 Major Public Pensions-KIC Sign First Multilateral Fund Management Audit Agreement

On the 1st, the National Pension Service (NPS) announced that it signed a business agreement related to 'Exchange and Cooperation in Fund Management Audit Operations' with the Government Employees Pension Service (Standing Auditor Moon Seong-yu), the Private School Teachers' Pension Service (Standing Auditor Ryu Chun-yeol), and Korea Investment Corporation (Standing Auditor Jo Kwang-sik) at the NPS headquarters in Jeonju, Jeonbuk.

This business agreement is the first multilateral agreement among the three major public pension institutions and Korea Investment Corporation, led by the National Pension Service to strengthen cooperation in fund management audit operations.

About 20 people, including Kim Young, Standing Auditor of the National Pension Service, Moon Seong-yu, Standing Auditor of the Government Employees Pension Service, Ryu Chun-yeol, Standing Auditor of the Private School Teachers' Pension Service, Jo Kwang-sik, Standing Auditor of Korea Investment Corporation, and other staff members attended the signing ceremony.

The agreement includes mutual exchange and cooperation such as ▲ mutual information sharing and audit technique exchange to enhance audit expertise ▲ development and joint operation of educational programs to improve audit performance ▲ holding joint workshops to strengthen audit capabilities.

The four institutions managing and operating approximately 1145 trillion won in funds agreed to closely respond to the rapidly changing domestic and international investment environment and to enhance the professionalism of fund management audits.

Following the signing ceremony, a two-day joint workshop of the Korean public pension and fund institutions' audit council will be held at the National Pension Service.

At the workshop, the four institutions will engage in in-depth discussions on ▲ excellent cases of fund management audits ▲ current issues in fund management ▲ sustainable operation plans for the council.

These institutions plan to hold joint workshops again in the second half of this year to actively share the know-how accumulated in each area and strengthen fund management audit capabilities.

Standing Auditor Kim Young said, “Through this business agreement, we expect not only to strengthen the professionalism of fund management audits but also to generate tangible and intangible synergy effects,” adding, “We will continue to expand exchanges and cooperation with domestic and international institutions to contribute to enhancing the reliability and stability of the National Pension Fund.”