수탁자책임을이행하는새로운접근방식 윤희연연구원 (unioncode@cgs.or.kr) 투자대상기업에대한적극적인주주활동에대해기업의반감이지속되고, 주주들을대하는기업의시각이나인식및대응능력이미흡한현상황을고려할때, 유연하고다차원적인방식으로의수탁자책임이행방법을발굴하기위한노력이필요함 해외선진기관투자자들은스튜어드십코드에기한주주활동이외에도다양한형태의수탁자책임활동을전방위적으로이행하고있으며, 그중투자대상기업외의이해관계자들을대상으로수탁자책임을충실히이행하는해외기관투자자들 (BlackRock, GPIF, CalSTRS) 의사례가현시점에서우리에게가장적합한대안이될수있을것으로사료되어소개함 검토배경 2016년말한국스튜어드십코드가제정 공표됨에따라국내에서도수탁자책임이강조되기시작하였으나, 기관투자자들이적극적으로수탁자책임을이행하는데에는많은현실적어려움이따름 기관투자자들이고객을위해수탁자로서의책임을다하여야한다는점에서는이견이없으나, 이를위해투자대상기업을대상으로적극적인주주활동에나서는것에는기업들의반감이큼 또한주주들을대하는기업의시각이나인식, 대응능력이아직미흡하여 1), 기관투자자들이기업의경영진또는이사회와의면담과같은직접적인관여활동을하는데많은어려움을겪음 일례로최근국민연금이한국스튜어드십코드에의참여를공식화하면서일각에선주주활동을통해기업을압박하거나빈번한공시로인해증시혼란을일으킬수있다는우려를적극적으로제기함 2) 보건복지부는이러한우려를불식시키고자경영참여에해당하지않는주주권부터우선도입하고, 경영참여주주권은제반여건이구비된후도입여부를재검토하는점진적주주권행사확대방안을제시함 (< 표 1> 참조 ) 1) 인베스트조선, 2018.6.21., [ 인베스트조선 ] 일류한국기업들, 주주앞에선삼류 2) 비즈트리뷴, 2018.7.18., [ 갑론을박국민연금스튜어드십코드 ] 경영간섭우려 재계선기관입김우려도 4 KOREA CORPORATE GOVERNANCE SERVICE
2018 년 8 권 9 호 KCGS Report 참여연대등시민단체에서는이를두고국민연금의스튜어드십코드도입방안이후퇴한 것으로 3), 경영참여부분이빠지면스튜어드십코드의실효성이떨어진다고비판함 4) < 표 1> 국민연금의주주권행사방안로드맵 ( 안 ) 이행시기 2018년하반기 2019년 2020년 주주권행사내용 배당관련주주활동개선, 의결권행사사전공시, 주주대표소송, 손해배상소송, 예상치못한기업가치훼손이슈발생시주주활동 중점관리사안추가선정 확대, 기업과비공개대화확대, 가이드라인 ( 이사회구성 운영, 이사 감사선임등 ) 마련, 위탁운용사활용한주주활동확대 비공개대화후미개선기업대상비공개중점관리기업선정, 미개선기업대상의결권행사연계, 미개선비공개중점관리기업대상공개중점관리기업선정 ( 명단공개 ) 및공개서한발송 * 출처 : 국민연금기금스튜어드십코드도입방안 ( 안 ) 발표자료재정리 이처럼현실적제약들로기관투자자의적극적주주권행사가의도한효과를거두기어렵고이로인해스튜어드십코드의궁극적목적인 기업과의건설적관계를토대로한중장기기업가치향상 역시효율적으로달성하기어렵다면, 스튜어드십코드와더불어수탁자책임을유연하고다차원적인방식으로이행하는방법을발굴하는노력이필요함 이러한노력은스튜어드십코드가국내자본시장에연착륙할수있도록유도하는방안이될수있으며, 여러가지제약사항들로스튜어드십코드도입을망설이는기관투자자들또한이와같은접근방식으로수탁자책임이행을단계적으로시작할수있을것임 이에본고에서는선진자본시장의선도기관투자자들이투자대상기업외의이해관계자들을대상으로수탁자책임을충실히이행하는방법을그대안의하나로서제시하고자함 수탁자책임을이행하는다양한방법 해외기관투자자들은수탁자책임이행의개념과방법을점차확대해나가고있음 적극적주주권 (active ownership) 을가진기관투자자로서의역할을책임있게수행하기위해해외주요기관투자자들은스튜어드십코드에기한주주활동이외에도다양한형태의수탁자책임활동을전방위적으로이행함 특히자본시장의발전을수탁자책임이행의중요한요소중의하나로간주하고, 상장기업전반의지배구조및기업가치개선효과를도모하거나선진적인투자환경을조성하기위한노력등에앞장서고있음 또한운용과정전반에회사의투자철학을적극적으로반영함으로써투자대상기업에게개선사항에대한간접적인시그널을줌 3) 한겨례, 2018.7.12., 경영간섭비판밀려 한발뺀 국민연금스튜어드십코드 4) 매일경제, 2018.7.26., 勞 " 경영참여왜빼나 " 스튜어드십코드불발 KOREA CORPORATE GOVERNANCE SERVICE 5
이는결국투자대상기업의중장기가치를높이고, 자본시장의지속적성장을촉진시키는기촉제가되므로궁극적으로장기적인투자수익향상이라는스튜어드십코드의기대효과와도일맥상통하게됨 또한다양한방법을통해복합적으로수탁자책임을이행함으로써스튜어드십코드의실효성을극대화시키는긍정적효과도기대할수있음 이하에서는그중수탁자책임이행대상을확대하여수탁자책임을이행하는유형별사례에대해소개함 고객을대상으로하는수탁자책임이행 : BlackRock 사례 세계최대규모의자산운용사인 BlackRock은회사의투자배제대상기업또는산업 5) 에해당하는종목이포함된 Index를보유한고객에게동종목을수정하거나배제하도록많은노력을기울임 일례로, 잇따라발생한총기난사사건으로미국내총기규제관련이슈가급부상하자 Black Rock은이에대한대응으로올해초민간총기제조및유통업체에대한입장을밝히면서, 해당회사에대한관여활동뿐만아니라해당회사가포함된 Index를보유한고객에대한회사의대응방안에대해서도홈페이지에게시함 6) BlackRock 은고객이선정한 Index 에총기제조업체가포함되어있으면회사의투자철학과는무관하게해당주식을보유하게되므로, 민간총기제조업체가포함되어있는 Index 를보유한고객에게해당사실을알리고지속적인대화를통해동종목을수정하거나배제할수있는옵션을모색하도록적극지원함 BlackRock이고객에게지원하는구체적인옵션은다음과같음 7) 민간총기제조업체가배제된새로운 ESG ETF 상품을출시함 민간총기제조업체가포함되지않는펀드를구성하고자하는기관투자자들에게 S&P 500, Russell 1000, Russell 2000, Russell 3000, MSCI World ex-us에서모든민간총기제조업체와대형유통업체를제외하는새로운투자전략들을제공함 5) 책임투자의스크리닝전략의하나로, 회사가정한특정투자기준에위배되는사업을영위하거나행위를하는경우에투자배제대상기업또는산업으로선정되며대게해당기준및투자배제대상목록은회사홈페이지를통해공개됨 6) BlackRock, 2018.3.2., BlackRock s Approach to Companies that Manufacture and Distribute Civilian Firearms, [https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrockapproach-to-companies-manufacturing-distributing-firearms] 7) BlackRock, 2018, Client Update on Civilian Firearms Exposures In Investment Portfolios, [https://www.ishares.com/us/library/civilian-firearms-exposures] 6 KOREA CORPORATE GOVERNANCE SERVICE
2018 년 8 권 9 호 KCGS Report 기존의 broad market ESG equity 및 bond index ETF의추종지수를민간총기제조업체및대형유통업체가제외된지수들로변경함 투자자들이 ESG 요소를반영하는 BlackRock 의대표 Index(iShares ESG ETFs, DSI, SUSA) 를더많이선택하도록동 Index 의 Net Expense Ratio 를 50bps 에서 25bps 로하향조정함 BlackRock의이러한일련의활동들은고객이 Index를선정하는단계에서부터회사의투자철학을반영하고자노력하는것으로, 이러한노력을외부에공개함으로써투자배제대상기업또는산업에대해회사의투자방침을알리고이에맞춰상장기업들이변화하도록개선하는간접효과를얻을수있음 이는투자대상기업에대한직접적인관여활동없이도 투자철회 를하는것과동일한효과를거둘수있음 사회적인파장을일으킨이슈에대해기관투자자가적극적으로대응한다는측면에서도상당히유의미함 서비스제공자를대상으로하는수탁자책임이행 : GPIF 사례 일본후생연금펀드 ( 이하 GPIF ) 는수탁자책임활동의일환으로지수산출기관에대해적극적으로관여활동을하고있음 8) 이는회사의주식운용자산중 80% 가패시브펀드로운용된다는점과패시브투자가점차확산됨에따라자본시장에서지수와지수산출기관의영향력이확대되는추세를감안한정책적고려에해당함 GPIF는 ESG 평가기업및지수산출기관이지수에편입될종목선택에개입할여지가크므로지수선정에있어지수산출기관지배구조의중립성과투명성을중요하게생각한다고밝히며, GPIF의지수선정과관련한일련의기준, 프로세스및결과들을홈페이지를통해공시함 9), 10) GPIF는 ESG 지수선정시 1) positive screening 적용여부, 2) 기업의 ESG 정보공개촉진및 ESG 평가방법개선에대한지수산출기관의노력, 3) 지수산출기관의지배구조및이해상충방지관리수준을기준으로삼고있으며, ESG 지수선정프로세스역시내부적으로마련하고있음 ([ 그림 1] 참조 ) 아울러동기준을통해선정된각지수의위험률과수익률을비롯하여지수산출기관 (FTSE, 8) GPIF, 2017, Stewardship Activities Report 2017, [https://www.gpif.go.jp/en/investment/pdf/gpif_stewardship_activities_report_in_2017.pdf] 9) GPIF, 2017, GPIF Selected ESG Indices, [https://www.gpif.go.jp/en/investment/pdf/esg_indices_selected.pdf] 10) GPIF, 2018, Global Environmental Stock Indices Selected, [https://www.gpif.go.jp/en/%28full%20version%29gpif%20selected%20global%20environmental%20stock%20indices.pdf] KOREA CORPORATE GOVERNANCE SERVICE 7
MSCI, S&P Dow Jones Indices, Trucost) 의정보도함께공개하여지수선정과정의 투명성을제고함 GPIF는동기준을통해 5종의 ESG Index를선정하여적용하기로하였으며, 향후에 ESG Index들을추가로선정하여 ESG투자를확대해나갈방침임 11) (< 표 2> 참조 ) [ 그림 1] GPIF 의 ESG 지수선정 process -Outline - Performance analysis First screening Second screening - Company and organizational system - Concept of the index - Index establishment process -ESGevaluationmethod Additional screening and field research - Governance - Conflicts of interest management - Fee structure Report to and Discussion at the Investment Advisory Committee - Allocation policy Selection of index FTSE Blossom Japan Index MSCI Japan ESG Select Leaders Index Type Broad Index 12) Broad Index MSCI Japan Empowering Women Index (WIN) Thematic/ social(s) S&P/JPX Carbon Efficient Index S&P Global Ex-Japan LargeMidCap Carbon Efficient Index Thematic/ Environment(E) Subject Japanese Equities Japanese Equities Japanese Equities Japanese Equities Foreign Equities Universe FTSE JAPAN INDEX (509 stocks) < 표 2> GPIF 가선정한 ESG Indices Market cap top 500 in MSCI Japan IMI Market cap top 500 in MSCI Japan IMI * 출처 : GPIF, GPIF Selected ESG Indices TOPIX (2,103 stocks) S&P Global ex-japan LargeMid Index (2,584 stocks) 11) 각주 10) 과동일 12) ESG( 환경, 사회, 기업지배구조 ) 요인들을모두포함하는 Index 를일컬음 8 KOREA CORPORATE GOVERNANCE SERVICE
2018 년 8 권 9 호 KCGS Report Number of Index Constituents AUM 149 252 208 1,694 2,162 526.6 billion (4.3 billion dollars) 622.9 billion (5.2 billion dollars) 388.4 billion (3.2 billion dollars) 1.2 trillion (10 billion dollars) * 출처 : GPIF, GPIF Selected Global Environmental Stock Indices 재정리 GPIF 는이외에도액티브전략으로운용되는회사의자산이중장기적관점에서능동적으로투자될수있는투자환경을조성하기위하여다음과같이위탁운용사의수수료체계를개편함 13) 기본보수율은패시브펀드수준으로낮추고, 성과연동보수율에대해서는상한선을폐지하고초과수익에따라비례적으로높은수수료율을적용하는방식을채택함 - 성과연계성이높아짐에따라위탁운용사들은초과수익달성을위해액티브전략의목적에맞게적극적으로자산을운용해야할유인이생김 아울러연간성과연동보수의 45% 는당해지급하고, 나머지 55% 는차년도에이연지급함 - 중장기적투자성과와연계되도록수수료지급방법을변경함으로써위탁운용사의중장기투자를유도함 마지막으로위탁운용사들이중장기적목표하에서초과수익을달성할수있는투자환경조성을위해다년계약으로계약기간단위를변경함 GPIF는수탁자책임이행의한방안으로서회사의투자철학에적합한환경을조성하여궁극적으로는회사와연금수익자들의투자수익을향상시키는투자구조 (investment chain) 를구축하고자함 즉회사가 ESG 지수들을선정하여운용할시동지수에편입되기위해기업들이자발적으로노력하게되므로일본기업들의 ESG 평가와장기적기업가치가증진되고, ESG 요소에중점을두는해외기관투자자들의투자도활발해져일본상장기업에대한회사의투자이익이전반적으로향상되는효과를얻고자하는것임 수수료체계개편또한위탁운용사에게장기투자에대한적절한유인을제공함으로써위탁운용사들의활발한스튜어드십활동을이끌어내는효과를볼수있음 GPIF 역시사회전반적으로정부가공적연금을통해기업에개입하기위한수단으로스튜어드십코드를활용하는것이아니냐는염려가있었으나상기와같은방법들로수탁자책임을이행함으로서수탁자책임활동에대한인식개선과기업과의파트너십을효과적으로이끌어내고있음 실제로 1년에한번씩상장기업을대상으로실시하는설문조사에서 GPIF의수탁자책임활동에대한기업의긍정적인반응이 74.1% 에달하는것으로조사됨 14) 또한 60% 를상회하는상장기업들이 GPIF 의 ESG Index 선정에대해긍정적으로생각하며, 13) GPIF, 2018, GPIF's New Performance-Based Fee Structure, [https://www.gpif.go.jp/en/topics/pdf/20180611_new_performance_based_fee_structure_en.pdf] 14) 매일경제, 2018.9.11., [ 매경이만난사람 ] 세계최대큰손 日공적연금미즈노히로미치 CIO KOREA CORPORATE GOVERNANCE SERVICE 9
많은기업들이 GPIF 가위탁운용사들이장기적관점에서기업과대화하고자산을운용할 수있도록독려해줄것을기대하는것으로나타남 15) 규제당국및입법권자를대상으로하는수탁자책임이행 : CalSTRS 사례 16) 캘리포니아교직원연금 ( 이하 CalSTRS ) 은기업지배구조프로그램의일환으로다양한규제기관및입법권자에대해적극적으로관여활동을함으로써제도적기반마련에앞장서고있음 ([ 그림 2] 참조 ) CalSTRS는미국을비롯한세계각국의규제들이회사의투자와전체자산에영향을미칠수있다고보아규제기관에대해의견서를송부하는등적극적으로관여활동을펼치고있음 또한회사의투자포트폴리오에영향을주는입법행위에대해서도적극적으로의견을개진함 - 주 ( 州 ) 의입법행위에대해지속적으로모니터링하는것에서나아가기업지배구조를담당하는직원으로하여금연방정부의입법행위에대해서도지속적으로모니터링하도록하고있음 [ 그림 2] CalSTRS 의기업지배구조프로그램 * 출처 : CalSTRS, 2017 Corporate Governance Annual Report CalSTRS 가의견을개진한주요규제기관으로는미국증권거래위원회 ( 이하 SEC ), 미국환경보호국, 미국상장회사회계감독위원회, 일본금융청, 홍콩증권거래소, 싱가포르증권거래소등이있으며, 특히주주보호관련이슈에대해적극적으로의견을개진함 일례로 CalSTRS는 SEC가제안한 universal proxy card 17) 사용의무화방안을지지하는서한을보낸바있으며, 홍콩및싱가포르증권거래소에는차등의결권제도도입을반대하는의견을개진함 (< 표 3> 참조 ) 15) GPIF, 2018. Summary Report of the 3rd Survey of Listed Companies Regarding Institutional Investors Stewardship Activities, [https://www.gpif.go.jp/en/investment/pdf/summary_report_of_the_3rd_survey.pdf] 16) CalSTRS, 2018, Corporate Governance Annual Report, [https://www.calstrs.com/sites/main/files/file-attachments/corporate_governance_annual_report_2017.pdf] 17) 경선안건에서각안건별로투표를하는것이아니라, 모든후보를한안건으로올려단일투표로이사를선임할수있도록하는제도 10 KOREA CORPORATE GOVERNANCE SERVICE
2018 년 8 권 9 호 KCGS Report 이외에도 CalSTRS 는입법기관인미국하원및하원금융서비스위원회에대해서도 CalSTRS 의투자자로서의지위에영향을미칠수있는계류법안들에관해회사의의견을전달하고자활발히관여활동을함 (< 표 4> 참조 ) CalSTRS 는금융선택법 (Financial Choice Act) 의경우아직제정되진않았지만동법안에서투자자보호및주주권리와관련한규정들이일부후퇴하였으므로, 앞으로도꾸준히연방제정법및다양한법률조항에대해지속적으로모니터링할예정임을밝힘 CalSTRS는회사의투자포트폴리오에영향을미치는각종규제및규정들에대하여적극적으로의견을개진함으로써고객및수익자의자산을보호하고자함 적극적으로주주활동을할수있는제도적기반을마련함으로써회사와연금수익자들의투자수익의향상을꾀할수있음 동시에해당내용을홈페이지에공시함으로써시장및투자대상기업의변화도촉구하는효과도얻을수있음 < 표 3> CalSTRS 의 2017 년도 Regulatory comment Letters 날짜수신규제기관주제 2017.1.9. Securities and Exchange Commission 2017.3.22. Securities and Exchange Commission 2017.4.14. Singapore Exchange Ltd. 2017.5.6. Financial Services Agency Japan 2017.7.6. Securities and Exchange Commission Universal Proxy Improve proxy voting rules to ensure shareholders have the ability to fully exercise their votes for any combination of director candidates in contested elections. Pay Ratio Improve disclosures on companyspecific pay ratio information. SGX public consultation on dual class structure Uphold SGX s requirement that listed companies issue common shares with equal voting rights. Principles for Responsible Institutional Investors Japan Stewardship Code Improve dialogue between Japanese companies and investors. Human Capital Management Coalition Petition for rulemaking on better disclosures of human capital metrics. 2017.7.10. Securities and Exchange Commission Human Capital Management Letter of Support. 2017.7.13. Financial Services Agency Japan Comments on Japanese Disclosure System. 2017.8.1. Nasdaq Nasdaq Rule 5635(d) Importance of stock exchanges role in establishing listing standards to facilitate company growth and to foster good standards of corporate governance. KOREA CORPORATE GOVERNANCE SERVICE 11
날짜수신규제기관주제 2017.8.9. Environmental Protection Agency 2017.8.17. Hong Kong Exchanges and Clearing Ltd. 2017.8.23. Securities and Exchange Commission Proposed Rule Oil and Natural Gas Section Emission Standards for New, Reconstructed and Modified Sources Measures to limit methane emissions. Hong Kong Stock Exchange Consultation Improve Hong Kong s ability to continue as a global financial center/dual class shares. Support of the Public Company Accounting Oversight Board s proposed rule on the Auditor s Report. 2017.9.6. Securities and Exchange Commission 2017.9.6. Public Company Accounting Oversight Board Approval of PCAOB s auditing standards for auditor s use of the work of the specialists. Proposed auditing standard for auditing accounting estimates, including fair measurements. 2017.12.4. Securities and Exchange Commission Board Disclosures Sexual Harassment. 2017.12.15. International Ethics Stadards Board for Accountants 2017.12.29. Sustainability Accounting Standards Board Code pertaining to the offering and accepting of inducements by auditors. Financial Sector Asset management and custody activities/ Material ESG issues that affect financial performance. * 출처 : CalSTRS, 2017 Corporate Governance Annual Report < 표 4> CalSTRS 의 2017 년도 Legislative Analysis 날짜수신처주제 2017.1.10. House Committee on Financial Services H.R.78 SEC Regulatory Accountability Act. 2017.4.25. U.S.House of Representatives 2017.5.17. U.S.House of Representatives 2017.6.5. House Committee on Financial Services 2017.11.9. House Committee on Financial Services The Financial Choice Act of 2017 Concerns regarding shareholder proposal process, universal proxy ballot, Sarbanes-Oxley Act section 404(b) exemptions, proxy advisory firms and private equity fund advisers. The Financial Choice Act of 2017 Sign-on letter with the Council of Institutional Investors. Concerns on shareholder proposals (14a-8), rollback on say on pay, restrict the right of shareholders to vote in contested election (universal proxy), proxy advisory firms and SEC cost-benefit analysis requirements. The Financial Choice Act of 2017 Oppose the Choice Act going to vote. Sign-on letter regarding proposed legislation relating to proxy advisory firms. * 출처 : CalSTRS, 2017 Corporate Governance Annual Report 12 KOREA CORPORATE GOVERNANCE SERVICE
2018 년 8 권 9 호 KCGS Report 맺음말 기관투자자들이적극적으로투자대상기업에대해주주권을행사하려는노력도매우중요하지만이를두고의견차가좁혀지지않는현상황에서는스튜어드십코드와더불어수탁자책임을충실히이행하기위한다양한방법들을병행하는방안을고려할필요가있음 스튜어드십코드의목적이기업의지속가능성장을통한고객및수익자의이익증대라고한다면지속가능성장을위한기업문화및자본시장의기틀을마련하기위해노력하는것도수탁자로서의책임을충실히이행하는방안이될수있음 해외선진기관투자자들은이러한방법의하나로다양한이해관계자들을대상으로수탁자책임을이행함으로써기업스스로변화하여야할외부환경및제도적기반을마련하고있음 BlackRock 의사례는 negative screening 을통한투자대상기업에대한직 간접적인경고효과, GPIF 사례는 ESG 책임투자확대및위탁운용사의중장기투자에대한인센티브제공효과, CalSTRS 사례는외부거시적구조의개선효과를촉진한다는점에서각각의의미가있음 아울러해외선진기관투자자들이수탁자책임활동에관한기준 절차 결과등을외부에적극공시함으로써정보투명성을높이고활동의실효성을높이고있다는점역시유의해야함 - 시장의다양한이해관계자간정보공유가활성화된다면기관투자자들의연대및간접적인환기효과도기대할수있을것임 자본시장및기업문화가아직성숙하지못한우리나라에서는사례에서처럼수탁자책임이행대상을확장시켜양질의시장환경을구축하는것이시장의반감을줄이면서동시에스튜어드십코드의실효성을높이는가장좋은대안이될수있을것으로사료됨 수탁자책임이행대상의다양화로예상되는각각의효과를고려하여기관이추구하는목적에맞게사례와같이수탁자책임을유연하고다차원적인방식으로이행한다면국내기관투자자들의수탁자책임이행의질적향상을기대할수있음 아울러이러한노력들은상장기업전반및국내자본시장의개선효과를가져오므로코리아디스카운트를해소하고국내자본시장을활성화하는데기여할수있음 - 이는곧국내기업들에대한기관투자자들의투자이익이전반적으로향상되는결과로이어지므로궁극적으로는스튜어드십코드의기대효과를달성하는것과도일맥상통함 KOREA CORPORATE GOVERNANCE SERVICE 13