`Proper Corporate Governance Benefits Investors, Companies'

Korea Times (Seoul, Korea), May 3, 2000 | Go to article overview

`Proper Corporate Governance Benefits Investors, Companies'


Proper corporate governance is not only necessary to improve corporate competitiveness but benefits both investors and companies themselves, an American investment specialist said.

In an interview with The Korea Times, Charles Valdes, chairman of the investment committee of the California Public Employees' Retirement System (CalPERS) said this certainly holds true for Korea.

``The major thing to accomplish in Korea is to convince the chaebol that it is in their own economic interest to adopt good corporate governance principles,'' he said.

Speaking from his experience in the United States, Valdes said investor participation in corporate governance programs goes back to 1984 when a few shareowners expressed objections to certain company actions that were considered to be self-serving.

``As the largest institution pension fund in the world, and a major institutio al investor, we decided that our participation was essential to increasing our return on investment,'' Valdes explained.

CalPERS, as an advocate of good corporate governance, defined corporate governance as the ``relationship among various participants in determining the direction and performance of corporation.''

As part of this campaign, CalPERS calls its investors stockowners and not stockholders, indicating that they are in for the long haul and not for short-term profits.

``In CalPERS view, companies that are operated on long-term shareowner returns as the primary goal ultimately also reward other stockholders,'' Valdes said, implying that even individual investors stand to gain from the practices of institutional investors like CalPERS. …

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