Shinhan Asset Management creates independent stewardship committee led by outside director

Shinhan Asset Management said Monday it has established what it describes as the industry's first stewardship committee chaired by an outside director, a move designed to bolster the independence of its proxy voting and shareholder engagement activities.

The stewardship committee will deliberate and decide on key matters affecting the long-term interests of investors and beneficiaries, including proxy voting and shareholder engagement. The firm separated these functions from its existing ESG committee into a standalone body, creating a decision-making structure that operates with a degree of independence from its investment and sales divisions.

Appointing an outside director as chair was a deliberate step to reinforce that independence. Shin Sun-kyung, a partner attorney at law firm Rio specializing in financial and capital markets law, was named the committee's inaugural chair. Shinhan Asset Management said the restructuring is intended to enhance the fairness and credibility of its stewardship activities.

The firm has also been expanding its role in policy fund management, recently completing the selection of operators for the National Growth Fund's challenge and small-league categories in partnership with Korea Development Bank. The National Growth Fund is a policy fund designed to supply growth capital to advanced strategic industries — including AI, semiconductors and biotech — and observers say asset managers' stewardship responsibilities and conflict-of-interest management capabilities are becoming as important as their investment expertise.