This paper examines a few questions on the causes and backgrounds of the reform in the fund management governance of the National Pension, the response and role of each organization in that, and the relationship between the policy goals and policy outputs.
To answer this question, I have categorized the policy processes of the fund management governance reform of the National Pension into three categories according to past administrations, and then compared the unique characteristics of each government's policy network as well as its policy outputs through analyzing the interaction among the policy making systems, policy processes and policy actors. In addition, in this paper, I have tried to find a direction for the development of the fund management governance reform by highlighting the role and function of the government and various interested organizations.
Based on the result of the above analysis, the policy network, the key part of the fund management governance reform which has brought on discussion whenever political power was transferred, has evolved from a closed and vertical to an open and horizontal structure, while a system based on elitism has been changed into one based on a combination of policy communities and issue networks. In other words, I found that the expansion of policy participation of various non-government organizations led to an increase in the number and scale of policy making participants, and the type of policy making has been institutionalized towards emphasizing democracy and representation.
How the government control system should be established at the time of fund management governance reform is the core analysis of this paper. I have concluded that the desirable direction for fund management governance reform is as follows; First of all, government intervention should be minimized; the independence of fund management should be secured; Secondly policy actors in the non-government organizations should promote their specialty and responsibility; Finally the Fund Operation Committee should be maintained as an ad-hoc committee, which allows representatives of insured persons to directly participate in it as at present, rather than as a specialist-centered standing committee.