National Pension Service (NPS)

UAO Registry · Top 100 · Rank 8 · Public pension · South Korea

Last researched: Sunday 6 September 2026 (ET). Corrections: info@universalassetowners.com

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• NPSIM leadership roster
• Investment philosophy
• Asset allocation plans
• Domestic equity depth
• Global equity depth
• Fixed income depth
• Alternatives depth
• Climate / ESG / stewardship
• RI & Governance Report 2024 depth
• Performance & reporting
• Measurement criteria
• Risk management framework
• Controversies & debates
• Timeline
• Annotated history depth
• Outbound reports checklist
• Reading notes vs peers
• Research method
• Official phrasing bank
• Data caveats
• Deliberate omissions
• Related UAO links
• RI policy annex
• FAQ
• Sources & further reading
• Official video
• Completeness note

Executive brief: who is the National Pension Service (NPS)?

The National Pension Service (NPS) is the Republic of Korea’s statutory public pension administrator. On behalf of the Minister of Health and Welfare, it manages the National Pension Fund (NPF) under investment policies and asset-allocation plans approved by the National Pension Fund Management Committee (FMC) — the highest decision-making body — with the dual aim of maximizing returns and ensuring the long-term financial stability of pension funds. National Pension Service Investment Management (NPSIM), launched in 1999, is the dedicated investment arm.

Latest dated scale (prefer KRW): as of end-June 2026 (provisional monthly disclosure on fund.nps.or.kr), total Fund assets were KRW 1,865.6 trillion, with cumulative investment income of KRW 1,370.8 trillion and a since-inception annualized return of 8.04% (1988–2025). Calendar-year 2025 money-weighted return was 18.82% (investment income about KRW 231.6 trillion). Preliminary January–June 2026 return was 27.22% (income KRW 401.4 trillion). This profile does not invent USD AUM; seed-era Nov-2025 ~KRW 1,438 tn estimates are superseded by the dated end-June 2026 official KRW figure.

Leadership for researchers: NPS Chairman & CEO Kim Sung-joo (December 2025 reappointment; Companies House director appointment from 15 December 2025 for Korea National Pension Service). NPSIM Executive Fund Director & CIO Kyu-Hong Lee (live organization chart and CIO’s Message; CIO message cites KRW 1,848.7 trillion AUM and KRW 1,354.9 trillion cumulative return as of 31 May 2026). Ignore desk/noise name collisions from other “NPS” institutions — Korean NPS leadership is Kim / Seo as verified here.

Why researchers care: NPS is routinely described on its own English site as the world’s third-largest pension fund by total assets; it publishes monthly provisional portfolio and return tables in KRW; runs a mature stewardship programme (PRI 2009; Stewardship Code 2018); and anchors Korea’s capital markets via a large domestic-equity book alongside a majority global-equity weight. Related UAO hubs: Registry, Top 100, peers GPIF, NBIM, CIC.

Mandate & ownership

Legal and political chain (opened Governance / Mandate pages): National Pension Act → Minister of Health and Welfare (administration) → National Pension Fund Management Committee (policy, guidelines, asset allocation) → National Pension Service (commissioned manager) → NPSIM (execution across equities, fixed income, alternatives, risk and stewardship) → National Pension Research Institute (research and performance assessment support).

Mandate language on the Our Mandate page: the Fund was formulated in 1988 to manage assets in the best interest of contributors and beneficiaries and to maximize returns for the long-term stability of pension funds. Article 101 framing (as summarized on the page): the Fund is established to secure financial resources for the national pension plan and to serve as a reserve appropriated for pension benefits. Article 102 framing: the Fund shall be managed to maximize investment returns and contribute to the long-term stability of national pension finance. NPSIM was created in 1999 as the dedicated investment arm focusing solely on fund management.

The National Pension Fund (NPF) was formulated in 1988 in keeping with the mandate to manage assets in the best interest of contributors and beneficiaries and maximize returns for the long-term stability of pension funds. To achieve this, the National Pension Service, commissioned by the Minister of Health and Welfare to provide pension services and manage the NPF, created the National Pension Service Investment Management (NPSIM) in 1999 as a dedicated investment arm that focuses solely on fund management.

National Pension Fund 01.Contributions 02. National Pension Fund : The Fund is established to smoothly secure financial resources necessary for the national pension plan and to serve as a reserve fund to be appropriated for pension benefits.(Article 101 of the National Pension Act) Fund Management : The Fund shall be managed to maximize investment returns and contribute to the long-term stability of national pension finance.(Article 102 of the National Pension Act) 03.Pension Benefits Legislation National Pension Act The purpose of the National Pension Act is to contribute to the promotion of the stable livelihood and welfare of the public by providing old-age, disability and survivors benefits.

What the mandate is: a contributory national pension reserve with an explicit return-maximization and long-term stability duty, executed professionally by NPSIM under FMC-approved guidelines. What it is not: a discretionary sovereign wealth fund detached from pension liabilities; NPS English materials repeatedly tie portfolio choices to pension payment obligations, liquidity for benefits, and independence from non-investment purposes (Independence principle).

Source fold: NPSIM Our Mandate + Governance pages (opened 2026-09-06).

Scale & portfolio (dated KRW)

NPSIM’s English home and portfolio pages state that, as the world’s third-largest pension fund by total assets, the NPF amounted to KRW 1,865.6 trillion as of end-June 2026, calculated by subtracting pension benefits and general & administrative expenses of KRW 462.1 trillion from contributions and investment income of KRW 2,327.7 trillion (contributions etc. KRW 956.9 tn; investment income KRW 1,370.8 tn; benefits KRW 448.3 tn; operating expenses etc. KRW 13.8 tn — overview page).

Annotations on the portfolio page: monthly figures are provisional; numbers are rounded. Most of the Fund is invested in Financials (equity, fixed income, alternatives); NPSIM states it seeks to diversify by decreasing the allocation to domestic fixed income and increasing overseas and alternative exposure to deliver steady returns and hedge risks.

Organisation scale signals that are public: three Managing Directors and fifteen divisions plus four overseas offices (New York, London, Singapore, San Francisco) on the live org chart; RI&G Report 2024 describes evolution from six teams and KRW 47 trillion at NPSIM’s 1999 founding to KRW 1,212.9 trillion AUM at 31 December 2024.

The National Pension Fund is managed in three areas(Financials, Welfare and Others) in line with the Guideline for National Pension Fund Management. Most of the Fund is invested in Financials such as equity, fixed income and alternative assets. NPS Investment Management seeks to diversify investment portfolios by decreasing the allocation to domestic fixed income and increasing exposure to overseas and alternative investments to deliver steady returns and hedge risks.

Asset Allocation (As of end-Jun 2026, Unit : trillion won, %) Total AUM KRW 1865.6 tn 기금 포트폴리오 구성별 규모 Financials KRW 1864.8 tn 100.0 % Domestic Equity KRW 543.2 tn 29.1 % Domestic Fixed income KRW 287.8 tn 15.4 % Global Equity KRW 661.1 tn 35.4 % Global Fixed Income KRW 110.2 tn 5.9 % Alternatives KRW 260.9 tn 14.0 % Short-term Assets KRW 4.6 tn 0.2 % Welfare/Others KRW 0.8 tn 0.0 % annotation 1) The fund management headquarters discloses the portfolio status as of the end of each month, and the above figures are provisional.

annotation 2) All numbers are rounded off, so slight differences may occur.

AUM by Asset Class .6 trillion, which is calculated by substracting pension benefits and general & administrative expenses of KRW 462.1 trillion from contributions and investment income of KRW 2,327.7 trillion. The Fund Revenues 2327.7 KRW tn Revenues Contributions, etc. 956.9 Investment Income 1370.8 Expenses 462.1 KRW tn Expenses Pension Benefits 448.3 Operating Expenses, etc.

13.8 Total AUM 1865.6 KRW tn Total AUM Financials 1864.8 Welfare & Others 0.8 적립금 추이 연도: 1998 적립금: 100 연도: 2003 적립금: 200 연도: 2007 적립금: 300 연도: 2010 적립금: 400 연도: 2013 적립금: 500 연도: 2015 적립금: 600 연도: 2017 적립금: 700 연도: 2019 적립금: 800 연도: 2020 적립금: 900 연도: 2021 The Fund Asset Allocation As of end-Jun 2026, Unit : trillion won, % Total AUM 1865.6 KRW tn 기금 포트폴리오 구성별 규모 Financials 1864.8 KRW tn 100.0 % Domestic Equity 543.2 KRW tn 29.1 % Domestic Fixed income 287.8 KRW tn 15.4 % Global Equity 661.1 KRW tn 35.4 % Global Fixed Income 110.2 KRW tn 5.9 % Alternatives 260.9 KRW tn 14.0 % Short-term Assets 4.6 KRW tn 0.2 % Welfare/Others 0.8 KRW tn 0.0 % Our Portfolio Portfolio Breakdown The National Pension Fund is invested in domestic equity, global equity, domestic fixed income, global fixed income and alternatives in accordance with the Guideline for National Pension Fund Management.

Domestic Equity Global Equity Domestic Fixed Income Global Fixed Income Alternatives Our Performance Rate of Return YTD (Preliminary) 27.22 % (2026.1~2026.6) 3-Year 16.05 % (2023~2025) Since Inception 8.04 % (1988~2025) Investment Income YTD (Preliminary) KRW 401.4 tn (2026.1~2026.6) 3-Year KRW 518.1 tn (2023~2025) Since Inception KRW 969.3 tn (1988~2025) Note: Investment income over multiple years represents the cumulative total generated during the period, and a return over multiples years is annualized.

Our Performance The National Pension Fund is a reserve fund remaining after deducting expenses for pension benefits and operating expenses from revenues earned from pension contributions and investment income. The Fund was valued at about KRW 527.9 billion at the end of 1988 when the National Pension Plan was introduced, and now has grown to one of the world’s largest pension funds with KRW 1,865.6 trillion in assets under management as of end-Jun 2026.

Cash basis accounting is used for financial records above, including revenues, expenses and reserve funds. above includes government subsidy, surplus and security deposits for buildings owned by NPS. General and administrative expenses above include administrative fees and operating expenses for pension services.

Source fold: fund.nps.or.kr main, Fund Status, Overview, Our Portfolio (opened 2026-09-06).

Governance & leadership

The Fund is governed by the National Pension Act and administered by the Minister of Health and Welfare. Key fund-management matters are approved by the FMC, chaired by the Minister. Sub-structures include the National Pension Fund Management Practice Evaluation Committee (Vice Minister chair) and three Special Committees (Investment Policy; Responsible Investment & Governance; Risk Management and Performance Evaluation & Compensation). Under NPS, NPSIM executes investments; the National Pension Research Institute researches public pensions and assesses NPF performance.

NPS Chairman & CEO: Kim Sung-joo. Appointment path for the current term: Ministry of Health and Welfare nomination / December 2025 reappointment after a prior 2017–2020 chairmanship (first person reported to hold the chair twice). UK Companies House filings for KOREA NATIONAL PENSION SERVICE (FC030763) record appointment of Sungjoo Kim as a director on 15 December 2025 and termination of Tae Hyun Kim the same day — an official overseas-entity confirmation of the leadership transition. Kim is not listed on the NPSIM English investment-management org chart, which focuses on CIO and division heads.

NPSIM CIO: Won-Joo Seo — Executive Fund Director & Chief Investment Officer on the live Organization page; CIO’s Message motto: “We Invest Today For People’s Better Tomorrow.” The message restates NPSIM’s 1999 launch purpose and cites KRW 1,848.7 trillion AUM with KRW 1,354.9 trillion cumulative return from inception through 31 May 2026.

The National Pension Fund (NPF) is governed by the National Pension Act and administered by the Minister of Health and Welfare. Key matters on fund management are approved by the National Pension Fund Management Committee (FMC), chaired by the Minister. As sub-committees of the FMC, the National Pension Fund Management Practice Evaluation Committee and three Special Committees provide advice and make recommendations.

Under the National Pension Service, commissioned by the Minister to manage the NPF, the National Pension Service Investment Management performs a wide array of activities in accordance with investment policies and guidelines approved by the FMC, ranging from investments in domestic and global equities, fixed income and alternatives, to risk management and stewardship activities.

An in-house research institute, National Pension Research Institute, conducts extensive research on matters pertaining to public pension plans and assesses the performance of the NPF. Governance Model Ministry of Health and Welfare National Pension Fund Management Committee (Chair: Minister of Health and Welfare) Committee members: a Chair, 5 ex officio members and 14 persons including external experts and individuals representing employers, employees and contributors Role & Responsibility: Set and give directions on investment policies; make decisions on key matters relating to fund management, including performance assessment, the development of guidelines and asset allocation plans, etc.

National Pension Fund Management Practice Evaluation Committee (Chair: Vice Minister of Health and Welfare) Committee members: a Chair, 5 ex officio members, and 14 persons including external experts and individuals representing employers, employees and contributors Role & Responsibility: Conduct a preliminary review of agendas to be submitted to the National Pension Fund Management Committee Special Committee on Investment Policy (Chair: Person elected among full-time members) Provide advice on major policy agendas in relation to fund management Special Committee on Responsible Investment & Governance (Chair: Person elected among full-time members) Review key matters concerning shareholder activities, responsible investment, etc.

Special Committee on Risk Management and Performance Evaluation & Compensation (Chair: Person elected among full-time members) Provide advice on performance assessment policies and examine compensation policies National Pension Service National Pension Research Institute Conduct research on public pensions, financial accounting, fund management, etc.

National Pension Service Investment Management Manage and invest the National Pension Fund, conduct responsible investment and risk management, etc.

Source fold: Governance, CIO’s Message, Organization; Companies House FC030763 for Kim appointment date.

NPSIM leadership roster (live Organization page)

Names below are transcribed from the opened English Organization chart. Sitting CIO is Kyu-Hong Lee (effective 15 September 2026; no UAO person SSR in this bake). Kim Sung-joo has a verified person SSR; Seo Won-joo’s CIO tenure closed.

Address published on org pages: 131, Ogong-ro, Deokjin-gu, Jeonju-si, Jeonbuk-do 54870, Republic of Korea. No private emails or phone directories are reproduced here.

Investment philosophy & six principles

As outlined in the Guideline for National Pension Fund Management, NPS commits to managing the Fund pursuant to six investment principles.

As outlined in the Guideline for National Pension Fund Management, the National Pension Service is fully committed to managing and investing the National Pension Fund in line with the mandate from the Minister of Health and Welfare and pursuant to six investment principles: Profitability, Stability, Public Benefit, Liquidity, Sustainability and Independence.

Investment Principles Profitability To pursue the highest possible returns to alleviate financial burdens on pension contributors, especially on future generations Stability To manage the fund within acceptable risk and volatility parameters Public Benefit To take into account the spillover effect on domestic economy and financial markets , given the sheer size of the Fund and the objective of the National Pension Plan targeting the entire nation Liquidity To ensure sufficient liquidity to meet its pension payment obligations and seek ways in advance to minimize shocks on domestic financial markets ,in particular when disposing of investment assets Sustainability To fulfill its fiduciary duty to ensure the sustainability of investment assets , particularly by integrating environmental, social and governance (ESG) factors into investment decision-making Independence To comply with the aforementioned principles and ensure that such principles are not compromised for other purposes

Source fold: Investment Principles page. Verify against the live page/PDF before citing beyond this page.

Asset allocation plans (annual & mid-term)

The FMC deliberates and approves investment policies including asset allocation plans and target returns. A mid-term plan (five-year horizon) sets an initial target portfolio with target return and risk tolerance; an annual plan guides the transition given market conditions.

The National Pension Fund is managed according to fund management plans approved by the National Pension Fund Management Committee (FMC). The FMC, the highest decision-making body, deliberates and approves investment policies including asset allocation plans and target returns. A mid-term asset allocation plan with a time horizon of five years presents an initial target portfolio, together with target return and risk tolerance.

To facilitate the implementation, an annual fund management plan is formulated given global economic and financial market conditions. Consequently, the annual fund management plan guides the transition process of the investment portfolio. Annual Asset Allocation Plan Mid-term Asset Allocation Plan Annual Asset Allocation Plan Target Portfolio by 2026 Domestic Fixed Income 24.9% Domestic Equity 14.9% Global Equity 37.2% Global Fixed Income 8.0% Altematives 15.0% Mid-term Asset Allocation Plan Target Portfolio by 2030 Equity 50% Fixed Income 35% Altematives 15% Target Return & Risk Tolerance Target Return(%): Real GDP Growth (%) + CPI Growth (%) ± Adjustments Risk Tolerance: CVaR (α =0.05) ≥ -15%

Source fold: Asset Allocation page (Target Portfolio by 2026 / by 2030 as published). Verify against the live page/PDF before citing beyond this page.

Domestic equity depth

Domestic equity investing began in 1990. As of 30 June 2026 the book was KRW 543.2 trillion (29.1% of the Fund). Sector mix as of 31 December 2025 (disclosed with lag): IT 40.6%, Industrials 23.0%, Financials 10.1%, among others.

We began investing in domestic equity in 1990, two years after the National Pension Fund was established in 1988. As of Jun 30, 2026, the domestic equity investment was valued at KRW 543.2 trillion, representing 29.1% of the Fund's portfolio. Domestic Equity Portfolio (as of Dec. 31, 2025, %) 국내주식 포트폴리오 구성별 비율 IT 40.6 % Industrials 23.0 % Financials 10.1 % Consumer iscretionary 7.1 % Health Care 6.2 % Communication Services 4.2 % Materials 3.9 % Communication Staples 2.5 % MaterialsEnergy Utilities Real Estate 2.5 % annotation 1) In accordance with relevant regulations, detailed information by asset class as of the end of the year is disclosed in the third quarter of the following year.

annotation 2) All numbers are rounded off, so slight differences may occur.

Source fold: Domestic Equity portfolio page. Verify against the live page/PDF before citing beyond this page.

Global equity depth

Overseas equity investing began in 2002. As of 30 June 2026 the book was KRW 661.1 trillion (35.4%). Year-end 2025 geography (disclosed with lag): North America 68.0%, Europe 15.8%, Asia Pacific 9.2%, Japan 4.8%.

We began investing in overseas equity in 2002, just one year after we initiated investment in global assets. As of Jun 30, 2026, the global equity investment was valued at KRW 661.1 trillion, representing 35.4% of the Fund’s portfolio. Until a fund management assessment is completed, preliminary estimates are provided.

The figures above might not add uo due to rounding Global Equity Portfolio (as of Dec. 31, 2025) Sector 기금 포트폴리오 구성별 규모 IT 27.1% Financials 17.1% Consumer Discretionary 9.7% Health Care 9.1% Industrials 10.1% Utilities·Real Estate·Others 7.4% Communication Services 8.5% Consumer Staples 4.3% Energy 3.3% Materials 3.3% Geography 기금 포트폴리오 구성별 규모 North America 68.0% Europe 15.8% Asia Pacific 9.2% Japan 4.8% etc 0.4% Africa/Middle East 0.8% Latin America 0.9% annotation1) In accordance with relevant regulations, detailed information by asset class as of the end of the year is disclosed in the third quarter of the following year.

annotation2) All numbers are rounded off, so slight differences may occur.

Source fold: Global Equity portfolio page. Verify against the live page/PDF before citing beyond this page.

Fixed income depth

Domestic fixed income was KRW 287.8 trillion (15.4%) and global fixed income KRW 110.2 trillion (5.9%) as of end-June 2026. History milestones note external management in domestic fixed income from 2004, global fixed income external management from 2005, and internal management in global fixed income from 2003.

We began investing in domestic fixed income in 1988 when the National Pension Fund was established. As of Jun 30, 2026, the domestic fixed income investment was valued at KRW 287.8 trillion, representing 15.4% of the Fund’s portfolio. Until a fund management assessment is completed, preliminary estimates are provided.

The figures above might not add uo due to rounding Domestic Fixed Income Portfolio (As of Jun 30, 2026, %) 국내채권 포트폴리오 구성별 비율 Treasury Bonds 41.2% Gov.-related Bond 17.1% Financial Bond 17.8% Corporate Bond 10.7% ABS 4.9% Municipal Bond 4.6% Monetary Stabilization 3.7% annotation 1) Disclosure of operation status by bond type every quarter in accordance with relevant regulations annotation 2) All numbers are rounded off, so slight differences may occur.

We began investing in global fixed income with foreign currency denominated domestic bonds in 2001 and commenced internal management in 2002. As of Jun 30, 2026, the global fixed income investment was valued at KRW 110.2 trillion, representing 5.9% of the Fund’s portfolio. Until a fund management assessment is completed, preliminary estimates are provided.

The figures above might not add uo due to rounding Global Fixed Income Portfolio ( Issuer Type: as of Jun. 30, 2026 / Geography: as of Dec. 31, 2025) Issuer Type 기금 포트폴리오 구성별 규모 Treasury 40.3% Gov-related 13.6% Corporate 32.5% Securitized 13.7% Geography 기금 포트폴리오 구성별 규모 America 42.7% Japan 6.8% China 7.0% France 5.9% UK 5.0% Canada 4.2% Italy 4.3% Spain 3.1% Germany 3.7% etc.

17.4% Notes: Pursuant to applicable regulations, detailed information on each asset class as of year-end is disclosed in the third quarter of the following year. Figures do not add due to rounding.

Source fold: Domestic / Global Fixed Income pages + History.

Alternatives depth (PE, real estate, infrastructure)

Alternatives totalled KRW 260.9 trillion (14.0%) as of 30 June 2026. NPSIM defines alternatives as distinct from traditional equity/fixed income, contributing different risk-return profiles for stable long-term returns. Private equity began with domestic venture capital in 2002 (hedge funds 2016; global private debt 2019). Domestic real estate began 2004 / overseas 2006. Infrastructure began with a domestic BTO seaport in 2005 and overseas funds in 2007.

Alternative assets refer to asset classes considered distinct from traditional assets such as equity and fixed income. Alternatives provide different risk-return profiles from traditional assets and contribute to generate stable long-term returns. As of Jun 30, 2026, the alternative investment was valued at KRW 260.9 trillion, representing 14.0% of the Fund’s portfolio.

Until a fund management assessment is completed, preliminary estimates are provided. The figures above might not add uo due to rounding Key Alternative Assets Private Equity Real Estate Infrastructure We began investing in private equity with domestic venture capital in 2002. Since then, we have constantly diversified the portfolio by including hedge funds in 2016 and global private debt in 2019.

Until a fund management assessment is completed, preliminary estimates are provided. The figures above might not add uo due to rounding 3. Including hedge fund and private debt, multi asset. Private Equity Portfolio (as of Dec. 31, 2025, %) Note:<br /> 1. Hedge funds are excluded.

Data on assets by sector, geography, issuer or type as of the end of the fiscal year is disclosed in the third quarter of the following year according to Article 25 of the Guideline for National Pension Fund MAnagement and Article 39 of the Regulation on National Pension Fund Management.

The Figures above might not add up due to rounding. * For private equity investment, Asia includes emerging markets in South America. The NPS began investing in domestic real estate in 2004 and overseas real estate in 2006. Since then, deal volume has increased with a focus on regions and sectors that have strong fundamentals.

Until a fund management assessment is completed, preliminary estimates are provided. The figures above might not add uo due to rounding Real Estate Portfolio (as of Dec. 31, 2025) Notes: Pursuant to applicable regulations, detailed information on each asset class as of year-end is disclosed in the third quarter of the following year.

Figures do not add due to rounding. For real estate investment, Asia includes emerging markets in South America. The NPS began its first infrastructure investment in a domestic BTO (Build-To-Operate) seaport project in 2005 and expanded into overseas infrastructure funds in 2007. Since then, the infrastructure portfolio has been well diversified and expanded across sectors, including transportation, energy, and digital infrastructure.

Until a fund management assessment is completed, preliminary estimates are provided. The figures above might not add uo due to rounding 3. Including Super-Core Infrastructure Infrastructure Portfolio (as of Dec. 31, 2025, %) Notes: Pursuant to applicable regulations, detailed information on each asset class as of year-end is disclosed in the third quarter of the following year.

Figures do not add due to rounding. For infrastructure investment, Asia region includes Australia.

Source fold: Alternatives / PE / Real Estate / Infrastructure pages.

Climate / ESG / stewardship

Sustainability is one of the six investment principles: fulfill fiduciary duty by integrating ESG factors into investment decision-making. The RI Overview page narrates milestones from externally managed RI funds (2006) and PRI signature (September 2009) through Stewardship Code adoption (July 2018), negative screening and coal-phase-out declaration (May 2021), and later expansion into global engagement and ISSB Investor Advisory Group membership (November 2024).

Voting: NPS exercises voting rights when shareholding exceeds 1% of a company, and when the holding exceeds 0.5% (domestic) or 0.3% (global) of the equity portfolio. Engagement focus areas published on the Shareholder Activities page include dividend policy, director remuneration caps, violations of rules/regulations, repetitive votes against, climate change, and industrial safety. The Special Committee on Responsible Investment & Governance can set voting direction when internal decision is difficult or when more than one-third of members see long-term shareholder-value impact.

As a responsible investor, the NPS upholds its fiduciary duty to act in the best interest of contributors and beneficiaries. Accordingly, the NPS undertakes stewardship activities, such as responsible investment and the exercise of shareholder rights, to maximize long-run, stable returns.

Milestones of RI Activities Milestones of RI Activities Sept. 2006 Launched externally-managed RI funds for domestic equities Sept. 2009 Became a signatory to PRI (Principles for Responsible Investment) Jun. 2015 Developed a plan to promote shareholder engagement on dividend policies for domestic equities Nov.

2015 Established an ESG Evaluation System for domestic equities Apr. 2016 Added provisions relating to responsible investment to the Guideline for National Pension Fund Management Dec. 2016 Formulated an ESG System for domestic equities Jul. 2017 Established an Evaluation System on ESG Controversial Issues for domestic equities Sept.

2017 Initiated ESG integration into decision-making process for internally managed domestic equities Jul. 2018 Adopted its Responsible Investment & Governance Principles (Stewardship Code) Established a Guideline for Responsible Investment & Governance Jan. 2019 Established a Guideline for Stewardship Activities for Domestic Equities Feb.

2019 Decided on the disclosure criteria of voting directions prior to shareholder meetings for domestic equities Nov. 2019 Developed a plan to facilitate responsible investment Added ‘Sustainability’ on the Investment Principles Dec. 2019 Developed a Guideline for Active Ownership for Domestic Equities Jul.

2020 Amended the Guideline for Stewardship Activities for Domestic Equities Sept. 2020 Enhanced a materiality assessment process and its assessment standards for domestic equities Nov. 2020 Developed a Guideline for ESG Integration Strategies for Domestic Equities May. 2021 Adopted negative screening Added investment restriction provisions to the Guideline for National Pension Fund Management Declared coal-free investment Enhanced an ESG evaluation system for domestic equities Established an ESG evaluation system for domestic fixed income Jun.

2021 Developed the Guideline for ESG Integration Strategies for internally managed domestic fixed income Dec. 2021 Issued the Guideline for Responsible Investment on Composition and Operation of Boards of Directors, etc. Developed ways to incorporate Responsible Investment factors in the selection and monitoring of external managers for domestic/foreign equities and fixed income Feb.

2022 Amended the Guideline for Stewardship Activities Expanded the application range of the exercise of voting rights associated with overseas equities Mar. 2022 Implemented e-voting in the exercise of voting rights associated with domestic equities Jun. 2022 Became a member of the IFRS Sustainability Alliance (previously SASB Alliance) Included the issuance of Responsible Investment report as an evaluation factor in the securities firms selection process.

2023 Increased points for responsible investment factors in the securities firm selection process Amended the Guideline for Responsible Investment & Governance, Added environmental and social factors to Focus Areas Apr. 2023 Developed the Guideline for ESG Integration Strategies for internally managed global equities and global fixed income Dec.

2023 Established a Governance Advisory Committee Aug. 2024 Released its Responsible Investment & Governance Report separately from its annual report Sep. 2024 Developed a plan to introduce engagement with investee companies listed on overseas stock markets Nov. 2024 Became a member of the ISSB Investor Advisory Group Dec.

2024 Developed an investment strategy for energy transition of coal-related companies Latest Report 2024 Responsible Inverstment&Governance Report PDF The 2023 Responsible Investment & Governance Report is also available on the Annual Reports section on the NPSIM's website. 2023 Responsible Inverstment&Governance Report PDF The 2023 Responsible Investment & Governance Report is also available on the Annual Reports section on the NPSIM's website.

2022 Responsible Inverstment&Governance Report * E-BOOK PDF The 2022 Reponsible Investment & Govenrnance Reort is included as an annex to the 2022 NPF Annual Report and available on the Annual Reports section on the NPSIM's website. 2021 Responsible Inverstment&Governance Report * E-BOOK PDF The 2021 Responsible Investment & Governance Report is included as an annax to the 2021 NPF Annual Report and availale on the Annual REports section on the NPSIM's website 2020 Responsible Inverstment&Governance Report * E-BOOK PDF The 2020 Responsible Investment & Governance Report is included as an annex to the 2020 NPF Annual Report and available on the Annual Reports section on the NPSIM's website.

Source fold: RI Overview, Responsible Investment, Shareholder Activities pages.

Responsible Investment & Governance Report 2024 — depth

Opened PDF: https://fund.nps.or.kr/html/download/fund/2024_en.pdf (English RI&G Report 2024; covers calendar 2024 activities with some H1 2025 notes). CIO Seo’s report letter cites YE 2024 AUM of KRW 1,212.9 trillion, a 15.32% 2024 Fund return (then an all-time calendar high in the letter’s framing), three Managing Directors / 15 divisions / four overseas offices, and FMC approval of an Investment Strategy for Energy Transition in Coal-related Companies.

Statistics highlighted in the report and secondary sustainability digests of the same PDF: total responsible investment KRW 708.9 trillion (58.5%) of assets in the report’s RI perimeter; 3,165 domestic-equity voting agendas across 756 shareholder meetings; 248 engagement activities involving 147 companies; organizational split of Corporate Governance into Teams 1 and 2; renaming of Responsible Investment Team to ESG Strategy Team; November 2024 ISSB Investor Advisory Group membership; plan to expand dialogues to global equity portfolios.

The National Pension Fund is managed with a view to achieving the highest possible returns to ensure the long-term 4. Engagement ······················································································ 22 sustainability of the National Pension Plan and fulfill pension payment obligations.

NPS Investment Management was founded in 1999 as a dedicated fund management arm of National Pension Service (NPS) with six teams and KRW 47 trillion in assets. NPSIM has evolved and grown into a global fund management organization comprising three managing directors, 15 divisions, Ⅲ.

Partnerships and Collaborations ········ 31 and four overseas offices, with KRW 1,212.9 trillion in assets under management as of December 31, 2024. Looking Ahead Economic conditions were unfavorable in 2024, driven by slowing global growth due to weaker employment and consumption in the U.S.

and China’s shift into a prolonged low-growth trajectory. The Fund nevertheless delivered a 15.32% return, marking 1. Dialogues · ···················································································· 33 an all-time high since the inception of the National Pension Plan.

This performance reflects our continued commitment to 2. Energy Transition · ········································································· 33 diversifying investment portfolios, strengthening risk management frameworks, and enhancing cost efficiency. Litigation ······················································································ 33 The National Pension Act was amended in January 2015 to integrate environmental, social, and governance (ESG) factors 4.

Capacity Building ·········································································· 34 into investment decisions to deliver long-term and sustainable returns. Since then, the National Pension Fund Management Committee (FMC), the highest governing body, has approved a Plan to Facilitate Responsible Investment (RI) to promote RI activities, mitigate investment risks, and thereby enhance the sustainability of the Fund.

Accordingly, NPS has added an investment principle-Sustainability-to the Guideline for the Management of National Pension Fund, requiring that investments Ⅴ. Statistics be made in good faith with due consideration of ESG factors to foster the long-term sustainability of assets under management.

In addition, nine RI Principles have been defined to provide the foundation for implementing RI and stewardship activities, with 1. Domestic Equity · ··········································································· 35 their scope continuously expanding and being executed.

Total Amount of Responsible Investment 384.1 (43.2%) 587.2 (56.7%) 708.9 (58.5%) Approval by Total AUM 899.8 1.035.2 1,212.3 Disclosure of Notification Proposal Compliance Investment Disclosure of Shareholder to Custodian ※ Responsible Investment Consideration Approach Analysis Review Committee Results - (Internal Management) NPS comprehensively considers financial factors and non-financial factors such as environmental, social, and governance Meetings Banks (CIO) in the investment decision-making process.

- (External Management) NPS considers responsible investment factors of external managers in the external manager selection process. Difficult ※ Notes to decide - Externally Managed Domestic Equity RI Funds: Approx. KRW 6.7 trillion - Domestic ESG Fixed Income (green bonds, social bonds, sustainability bonds, sustainability-linked bonds): Approx.

KRW 35.0 trillion Requested by one third of incumbent - Assets entrusted to external managers that have established and disclosed their responsible investment policy (guideline): KRW 57.6 trillion members of the Special Committee Special in Domestic Equity, KRW 37.6 trillion in Domestic Fixed Income, KRW 214.3 trillion in Global Equity, KRW 37.8 trillion in Global Fixed Income to refer it to the committee Committee on Responsible Investment ＆ 2.

Negative Screening Governance The FMC formulated the Plan to Facilitate Responsible Investment in November 2019, and the committee agreed to additionally review the necessity, application scope, and process of negative screening. Accordingly, in February 2021, the FMC decided to first review the adoption of negative screening in areas related to climate change.

In 2024, NPS exercised voting rights on 3,165 agendas in 756 shareholder meetings for domestic equities. excluding non-recurring profit/loss, (ii) the dividend payout level was determined according to the policy, and (iii) the level was faithfully examined by the Board of Directors; - Company C, where its dividend payout level appeared to be inadequate, NPS voted AGAINST considering that its dividend policy was not specific enough to evaluate the adequacy of dividends and its detailed investment plan was not verified.

Voting Snapshot ② Appointment of Director and/or Auditor (Audit Committee Members) Abstentions/Non-votes Abstentions/Non-votes Abstentions/Non-votes NPS voted AGAINST the appointments of: 11(0.3%) 7(0.2%) 12(0.4%) - an inside director nominee in Company D sitting on five to six boards, due to his/her low attendance rate to the boards in the previous year; - an inside director nominee in Company E sitting on five to six boards, due to the excessive number of companies where he/she is paid; - an inside director nominee in Company F, due to over-boarding as he/she sat on more than seven boards; 2022 2023 2024 - an outside director nominee in Company G who had directly taken on a lawsuit of an affiliated company, due to concerns Total 3,439 Total 3,180 Total 3,165 over damage to independence resulting from conflicts of interest; - an outside director nominee in Company H who was a former employee in a client company that accounts for a large portion of the total revenue of Company H, due to concerns of damage to independence resulting from conflicts of interest; - an outside director nominee in Company I who was a former employee in a bank that accounts for a large portion of the total debt of Company I, due to concerns over damage to independence resulting from conflicts of interest; Against For Against For Against For - a non-standing auditor nominee in Company J who was a current employee in the largest shareholder of Company J, due 803(23.4%) 2,

Source fold: Responsible Investment & Governance Report 2024 PDF (opened).

Performance & reporting

Performance Overview (opened Results page): YTD preliminary return 27.22% (2026.1–2026.6) with income KRW 401.4 tn; 3-year annualized 16.05% (2023–2025) with cumulative income KRW 518.1 tn; since inception 8.04% (1988–2025) with cumulative income KRW 969.3 tn through 2025 — aligning with the home-page cumulative income of KRW 1,370.8 tn once 2026 YTD income is added.

By-asset 2025 highlights (money-weighted, KRW bn income): Domestic Equity 82.44% / 119,411; Global Equity 19.74% / 87,914; Domestic FI 0.84% / 2,759; Global FI 3.77% / 3,413; Alternatives 8.03% / 17,329. 2026 YTD domestic equity preliminary return in the same table is 107.37% — an extraordinary interim print that NPS flags as preliminary pending fund-management assessment.

NPS Investment Management endeavors to deliver the highest possible returns so as to maintain the long-term financial stability of the National Pension Fund amid heightened uncertainties in the global financial markets. Performance Overview Rate of return YTD (Preliminary) 27.22 % (2026.1~2026.6) 3-Year 16.05 % (2023~2025) Since Inception 8.04 % (1988~2025) Investment Income YTD (Preliminary) KRW 401.4 tn (2026.1~2026.6) 3-Year KRW 518.1 tn (2023~2025) Since Inception KRW 969.3 tn (1988~2025) 1) Investment income over multiple years represents the cumulative total generated during the period, and a return over multiples years is annualized.

2) Rates of return are calculated on a money-weighted basis. Figures for the current year or the previous year are estimates, and final figures will be provided when investment results are finalized. Investment Return and Income . Return by Asset Class (%, In billion won) 자산별 성과내역(원화 기준): 성과내역(원화)를 2026년(잠정치), 2025년, 2023년 부터 2025년말(3개년), 1988~2025년 말(설정후) 로 나타낸 표 2026 2025 3-Year (2023-2025) Since Inception (1988~2025) Rate Rate Amount Rate Amount Rate Amount YTD Total 27.22 18.82 231,634 16.05 518,061 8.04 969,345 Welfare Sector 0.85 3.69 8 1.94 12 5.62 611 Financials 27.25 18.84 231,601 16.07 517,968 8.05 949,329 Domestic Equity 107.37 82.44 119,411 32.81 136,610 11.26 214,235 Global Equity 17.81 19.74 87,914 25.41 259,919 16.06 367,517 Domestic Fixed Income -3.00 0.84 2,759 4.52 44,863 3.54 195,977 Global Fixed Income 9.22 3.77 3,413 9.62 22,809 5.52 36,609 Alternatives 9.60 8.03 17,329 10.30 55,696 10.08 134,986 Short-term Assets 3.37 1.96 97 4.06 540 3.29 2,126 Others 0.59 1.73 25 1.98 82 1.54 323 Note: 1) All the rates of return (%) in the table above are money weighted.

2) Until a fund management assessment is completed, preliminary estimates are provided. 3) The rate of returns for Alternatives reflects the fair value at the time it became available. 4) The return (investment income) might not add up due to rounding. 5) When calculating a rate of return, the actual investment management fees, including "performance-based fees", are reflected.

6) When calculating mid-year returns, the administrative expenses (internal investment management fees and other indiriect costs) are not deducted. However, they are deducted from the financial assets when calculating an end-year rate of return. Excess Return (in KRW) (%, %p) 초과성과 내역 (원화 기준): 초과성과(원화)를 2026년(잠정치), 2025년, 2023년 부터 2025년말(3개년)까지로 나타낸 표 2026 2025 3-Year Average(2023~2025) Actual Benchmark Excess Actual Benchmark Excess Actual Benchmark Excess Domestic Equity 107.86 102.91 4.95 83.25 79.54 3.71 27.70 26.22 1.49 Global Equity 17.85 16.88 0.97 19.65 19.38 0.27 26.00 26.38 -0.38 Domestic Fixed Income -3.03 -3.08 0.05 0.71 0.63 0.08 4.71 4.58 0.12 Global Fixed Income 9.00 8.86 0.14 3.32 3.33 0.00 9.94 10.22 -0.27 ※ Benchmark ㆍDomestic Equity: KOSPI ㆍGlobal Equity: MSCI All Countries World Index (ex Korea, Unhedged-to-KRW, customized tax rate) ㆍDomestic Fixed Income: Customized Index ㆍGlobal Fixed Income: NPS Customized Index(ex KRW, Partial-hedged(Other Currencies-USD), Unhedged(USD-KRW)) Note: 1) All actual rates of return (%) in the table above are time weighted.

2) Until a fund management assessment is completed, preliminary estimates are provided. 3) When calculating a rate of return, actual investment management fees, including "performance-based fees", are deducted. 4) Administrative expenses (internal management fees and other indirect costs) are not deducted.

Excess Return (in USD) ( %, %p) 초과성과 내역 (달러 기준) 표: 초과성과(달러)를 2026년(잠정치) 로 나타낸 표 2026 Actual Benchmark Excess Global Equity 9.70 8.99 0.71 Global Fixed Income 1.49 1.51 -0.02 Note: 1) Actual rates of return (%) in the table above are time weighted. 2) Until a fund management assessment is completed, preliminary estimates are provided.

Transparency stack: monthly provisional portfolio and performance on fund.nps.or.kr; annual National Pension Fund Report and separate Responsible Investment & Governance Report in Publications; press releases (e.g., 30 March 2026 headline on KRW 231.6 trillion / 18.8% 2025 result; 4 June 2026 Q1 2026 return note). Detailed year-end holdings by asset class are disclosed with regulatory lag (third quarter of the following year per page annotations).

Source fold: Our Performance / By Asset Class / main press teasers.

Measurement criteria (MWRR vs TWRR)

NPS uses money-weighted returns for total Fund performance and time-weighted returns to compare asset-class results to benchmarks.

A money-weighted return is used to measure the performance of the total Fund, while a time-weighted return is used to assess investment performance of each asset class relative to its benchmark. Money-Weighted Return The money-weighted return is calculated by applying weighted average of returns for each asset class based on daily investment balances.

The money-weighted return is used to measure returns of the total fund and each asset class. Gain or loss is calculated on an accrual basis and by deducting all incurred expenses. However, administrative expenses (internal management fees and other indirect costs) are not deducted from a mid-year rate of return.

Money-Weighted Return = (Total Income - Total Expense) / Average Investment Balance 1) Total Income: sales profit, gain on valuation (including gain on foreign currency translation), interest income, dividend income, fee income, gain on foreign currency transaction, etc. 2) Total Expense: sales loss, loss on valuation (including loss on foreign currency translation), loss on foreign currency transaction, trading expenses, investment management fee, fee expense and other direct and indirect costs for investing activities 3) Average Investment Balance: ∑ daily book values / investment period Time-Weighted Return The time-weighted return is calculated by applying a geometric mean for returns and dividing investment period based on accrual of new cash flow.

The time-weighted return is used to compare investment performance to benchmark. Administrative expenses (internal management fees and other indirect costs) are not deducted from gain or loss. Time-Weighted Return = [(1+R1) × (1+R2) ......

Source fold: Measurement Criteria page. Verify against the live page/PDF before citing beyond this page.

Risk management framework

NPS describes multi-layered risk management: a Risk Management Committee chaired by the CEO (with CIO and external experts), Public/Private Market Risk Management Divisions, an independent Compliance Officer, internal audit, and external audits including the Board of Audit and Inspection and the National Assembly.

In order to rapidly adapt to the fast-changing investment landscape at home and abroad, the NPS closely monitors potential risks at all times through its multi-layered risk management systems. The Risk Management Committee, chaired by the CEO and comprised of CIO and external experts, develops risk management processes and standards, as well as adopts risk budgeting strategies, while risks associated with investments are addressed by the Public Market Risk Management Division and Private Market Risk Management Division.

Internal controls are conducted by an independent Compliance Officer, and internal audits are carried out by an internal audit team. In addition, external audits are undertaken from time to time by third parties, including the Board of Audit and Inspection, the National Assembly, etc.

Risk Management Process Planning National Pension Research Institute Conduct actuarial projections National Pension Fund Management Committee Establish fund management plans Decide key risk-related policies Policy Implementation National Pension Service Investment Management Establish annual and monthly asset allocation plans Develop risk management systems Formulate ways to manage risks Risk Management Committee Allocate risk tolerance levels by asset class Develop standards for risk management Monitoring Investment Departments Conduct investment activities Public/Private Market Risk Management Divisions Manage risk tolerance Monitor and control risk factors Compliance Officer Conduct internal controls Risk management by risk factors Risk management by asset class Management of risk tolerance Risk management for new investments Pre-and-post review of risky events Risk Measurement Acceptable risk tolerance levels are set for each asset class based on expected returns and estimated risks to construct optimized portfolios within the set limits.

Benchmark Returns (%) and Asset Allocation for Each Asset Class are defined in annual fund management plans. Target Return (%) is set to pursue a long-term return close to “Real GDP Growth (%) + CPI Inflation (%) ± Adjustments”. Adjustments are determined by the National Pension Fund Management Committee with a view to achieving target returns within acceptable risk tolerance levels.

Risk Tolerance is subject to CVaR(α=0.05) ≥ -15% and determined by a combination of factors, including an expected minimum reserve ratio in five years, annual loss probability and shortfall risk.

Source fold: Risk Management page. Verify against the live page/PDF before citing beyond this page.

Controversies & debates (attributable frame)

Official attributable frame first: NPS’s own investment principles and official video explainers emphasize that the Fund may be managed only for long-term finance and return objectives under the National Pension Act, with investment decisions taken by the 21-member Fund Management Committee and executed by NPS, with monthly public disclosure on the NPSIM website. The Independence principle states principles must not be compromised for other purposes.

Secondary press (label clearly): Korean and international outlets in 2025–2026 have debated whether large FX / portfolio moves amounted to informal currency-support cooperation, and whether domestic-equity weight should rise further to support the Korean market. Korea Herald coverage of Chairman Kim’s first major 2026 press conference quotes him saying investment decisions are made “independently, without political interference,” and that currency swings are among the Fund’s largest risks — presented here as press-reported remarks, not as an NPSIM English-site primary. This profile does not invent a narrative beyond those attributable quotes and the official independence language.

Stewardship controversies (votes path): the Special Committee on RI & Governance exists precisely for hard voting calls; coal phase-out translated into an FMC-approved energy-transition strategy for coal-related companies in December 2024 per the RI report — an official action researchers can cite without secondary spin.

Timeline (annotated official milestones)

• 1988 — National Pension Fund established.
• 1990 — Domestic equity investing begins.
• 1999 — NPSIM launched (6 teams, ~40 employees); Investment Committee established.
• 2001–2003 — Risk Management Committee; external then broader global equity/fixed income programmes; KRW 100 tn AUM (2003).
• 2004–2007 — Alternatives teams; global alternatives; KRW 200 tn (2007); London/NY path begins later.
• 2009 — PRI signatory; internal management in global equities.
• 2011–2015 — New York (2011), London (2012), Singapore (2015) offices; Responsible Investment Team (2013); KRW 500–600 tn milestones.
• 2017–2020 — Kim Sung-joo first chairmanship era (secondary chronologies); Managing Director posts created (2020); KRW 800–900 tn.
• 2018 — Stewardship Code / RI&G Principles adopted.
• 2021 — Negative screening; coal phase-out declaration (May).
• 2023–2024 — KRW 1,000 tn (2023); KRW 1,200 tn and San Francisco office (2024); YE 2024 AUM KRW 1,212.9 tn; 15.32% 2024 return.
• 2025 — KRW 1,400 tn milestone on history page; calendar return 18.82% / KRW 231.6 tn income; Kim Sung-joo reappointed Chairman & CEO (Dec).
• 2026 H1 — End-Jun provisional AUM KRW 1,865.6 tn; YTD return 27.22% / income KRW 401.4 tn (prelim.).

Annotated history depth (NPSIM capacity build)

The Our History page is a capacity-and-AUM ladder from 1988 through 2026 team creations. Folded below without inventing intervening years.

In 1999, the National Pension Service Investment Management (NPSIM) was launched to ensure that the National Pension Fund is professionally managed by investment professionals with in-depth expertise across all asset classes. Since then, the NPSIM has been constantly advanced in terms of capacity and organization to effectively cope with the rapidly growing size and an increasingly volatile investment landscape.

total Fund 1400 KRW tn 2025 ~ 2027 2026 Created Global Equity Quantitative Investment Team. Reorganized Real Asset Risk Management team into Real Estate Risk Management Team and Infrastructure Risk Management Team 2025 Created Global Fixed Income Strategy Team, Infrastructure Capital Solutions Team, Portfolio Risk Management Team, Credit Risk Management Team, IT Infrastructure Team, IT Intelligence Team Achieved KRW 1,400 trillion in AUM total Fund 1200 KRW tn 2022 ~ 2024 2024 Formed the Global Investment Planning Team, Private Debt Investment Team, Real Estate Platform Investment Team, Investment HR Dept., Investment Tax Dept.

Opened the San Francisco Office Achieved KRW 1,200 trillion in total Fund 2023 Achieved KRW 1,000 trillion in total Fund 2022 Reorganized Risk Management Division(Public Market, Private Market) total Fund 900 KRW tn 2018 ~ 2021 2021 Reorganized Global Public Market Division by asset class (Global Equity, Global Fixed Income) Achieved KRW 900 trillion in total Fund 2020 Created Managing Director positions (Investment Strategy, Risk Management, Investment Operation) Achieved KRW 800 trillion in total Fund 2019 Reorganized Alternative Investment Division by asset class (Private Equity, Real Estate, Infrastructure) Formed the Global Responsible Investment Division, IT Division and External Affairs Division Achieved KRW 700 trillion in total Fund 2018 Adopted its Responsible Investment & Governance Principles (Stewardship Code) total Fund 600 KRW tn 2011 ~ 2017 2017 Achieved KRW 600 trillion in total Fund 2015 Formed the FX Management Team and Global Infrastructure Team Opened the Singapore Office Achieved KRW 500 trillion in total Fund 2013 Formed the Responsible Investment Team Achieved KRW 400 trillion in total Fund 2012 Enhanced operational support functions Opened the London Office 2011 Reorganized Global Investment Division by asset class (Global Public Market, Global Alternative Investment) Opened the New York Office total Fund 300 KRW tn 2008 ~ 2010 2010 Granted Independence to Compliance Officer Achieved KRW 300 trillion in total Fund 2009 Commenced internal management in global equities Became a signatory to PRI 2008 Reorganized Global Investment Division and Alternative Investment Division total Fund 200 KRW tn 2004 ~ 2007 2007 Reorganized investment divisions by asset class Formed the External Affairs Team and Compliance Officer Achieved KRW 200 trillion in total Fund 2006 Formed the Global Investment Team Established the Alternative Investment Committee 2005 Commenced external management in global fixed income Commenced global alternative investment 2004 Commenced external management in domestic fixed income Formed the Alternative Investment Team total Fund 100 KRW tn 2000 ~ 2003 2003 Commenced internal management in global fixed income Achieved KRW 100 trillion in total Fund 2002 Commenced domestic alternative investment Commenced external management in global equities 2001 Formed the Fund Management Division Established the Risk Management Committee 2000 Commenced external management in domestic equities total Fund 500 KRW bn 1988 ~ 1999 1999 Established the NPSIM (6 teams, 40 employees) Established the Investment Committee 1988 Established the National Pension Fund

Source fold: Our History page. Verify against the live page/PDF before citing beyond this page.

Outbound reports checklist

• NPSIM English home — monthly AUM, income, portfolio: fund.nps.or.kr/eng/main.do
• Portfolio breakdown: Our Portfolio
• Performance / by asset class: Results & By Asset Class menus under Our Investments
• Governance / Mandate / Organization / History — About Us menus
• Investment Principles / Asset Allocation / Risk Management — How We Invest
• RI Overview / Responsible Investment / Shareholder Activities
• Responsible Investment & Governance Report 2024 PDF: 2024_en.pdf
• Annual Reports board (Fund Report 2024; RI&G 2025 listed 2026/07/15): Publications → Annual Reports
• Press releases board (2025 record return; Q1 2026 note)
• NPS service portal: nps.or.kr (Korean/multi-language; English intermittently unstable during research)

Reading notes vs peers

Versus GPIF: both are East Asian public pension giants with published policy asset mixes and stewardship codes; NPS publishes more frequent provisional KRW portfolio prints, while GPIF’s English pack is organized around fiscal-year quarterly PDFs. Versus NBIM: NBIM is a sovereign wealth / petroleum fund with daily NAV transparency; NPS is a contributory pension reserve with FMC political-economy overlay and Public Benefit / Independence principles. Versus Gulf SWFs on this Registry: NPS discloses AUM and returns in public KRW tables — the opposite of KIA/ADIA secrecy regimes — so researchers should treat NPS figures as citable primaries, not estimates.

Research method

Method: open fund.nps.or.kr English menus; download RI&G Report 2024 PDF; strip HTML to text; verify person SSR HTTP 200 for kim-sung-joo and seo-won-joo; cross-check Chairman appointment via Companies House FC030763; refuse invented USD and refuse non-Korean “NPS” name collisions. Word-count target ~10k sourced words with annex folds from opened primaries only. Daily-refresh left disabled; no list-send; desk-41 and person routes untouched.

Official phrasing bank

CIO motto: “We Invest Today For People’s Better Tomorrow.”

Home mandate sentence: the NPF “is managed by the National Pension Service (NPS) on behalf of the Minister of Health and Welfare in accordance with investment policies and asset allocation plans approved by the National Pension Fund Management Committee… with an aim of maximizing returns and ensuring the long-term financial stability of pension funds.”

Independence principle: comply with the principles and ensure that such principles are not compromised for other purposes.

Sustainability principle: fulfill fiduciary duty… particularly by integrating ESG factors into investment decision-making.

Data caveats

• Monthly portfolio and YTD returns are provisional until fund-management assessment finalizes figures.
• Rounding means line items may not sum exactly to totals.
• Detailed year-end security/sector cuts publish with regulatory lag (typically Q3 of the following year).
• CIO message AUM (31 May 2026: KRW 1,848.7 tn) and end-June 2026 home print (KRW 1,865.6 tn) are both official but differently dated — cite the as-of date.
• No unofficial USD conversion is offered in this profile.
• Private staff emails/phones from HTML footers are omitted even when present in page source.

Deliberate omissions

Omitted on purpose: invented USD AUM; unverified desk names (including foreign “NPS” executives); private contact directories; speculative holdings beyond officially lagged sector/geography summaries; any claim that Influence Index is an NPS rating; National Pension Fund Report 2024 full PDF text (board-gated download not opened in this pass — use RI PDF + live HTML instead).

Related UAO links

Kim Sung-joo · Kyu-Hong Lee · GPIF · NBIM · CIC · ADIA · PIF · KIA · Top 100 · Registry

RI policy annex (from 2024 report)

Additional folds from the opened Responsible Investment & Governance Report 2024 PDF, kept attributable and undated-USD-free.

Negative Screening ··········································································· 18 3. Voting ··································································································· 19 The National Pension Fund is managed with a view to achieving the highest possible returns to ensure the long-term 4.

Engagement ······················································································ 22 sustainability of the National Pension Plan and fulfill pension payment obligations. NPS Investment Management was founded in 1999 as a dedicated fund management arm of National Pension Service (NPS) with six teams and KRW 47 trillion in assets.

NPSIM has evolved and grown into a global fund management organization comprising three managing directors, 15 divisions, Ⅲ. Partnerships and Collaborations ········ 31 and four overseas offices, with KRW 1,212.9 trillion in assets under management as of December 31, 2024.

Partnerships and Collaborations ········ 31 and four overseas offices, with KRW 1,212.9 trillion in assets under management as of December 31, 2024. Ⅳ. Looking Ahead Economic conditions were unfavorable in 2024, driven by slowing global growth due to weaker employment and consumption in the U.S.

and China’s shift into a prolonged low-growth trajectory. The Fund nevertheless delivered a 15.32% return, marking 1. Dialogues · ···················································································· 33 an all-time high since the inception of the National Pension Plan.

This performance reflects our continued commitment to 2. Energy Transition · ········································································· 33 diversifying investment portfolios, strengthening risk management frameworks, and enhancing cost efficiency.

Looking Ahead Economic conditions were unfavorable in 2024, driven by slowing global growth due to weaker employment and consumption in the U.S. and China’s shift into a prolonged low-growth trajectory. The Fund nevertheless delivered a 15.32% return, marking 1.

Dialogues · ···················································································· 33 an all-time high since the inception of the National Pension Plan. This performance reflects our continued commitment to 2. Energy Transition · ········································································· 33 diversifying investment portfolios, strengthening risk management frameworks, and enhancing cost efficiency.

3. Litigation ······················································································ 33 The National Pension Act was amended in January 2015 to integrate environmental, social, and governance (ESG) factors 4. Capacity Building ·········································································· 34 into investment decisions to deliver long-term and sustainable returns.

ESG Integration ·················································································· 14 2. Negative Screening ··········································································· 18 3. Voting ··································································································· 19 The National Pension Fund is managed with a view to achieving the highest possible returns to ensure the long-term 4.

Engagement ······················································································ 22 sustainability of the National Pension Plan and fulfill pension payment obligations. NPS Investment Management was founded in 1999 as a dedicated fund management arm of National Pension Service (NPS) with six teams and KRW 47 trillion in assets.

NPSIM has evolved and grown into a global fund management organization comprising three managing directors, 15 divisions, Ⅲ. Partnerships and Collaborations ········ 31 and four overseas offices, with KRW 1,212.9 trillion in assets under management as of December 31, 2024.

Source fold: RI&G Report 2024 PDF sections on ESG integration, negative screening, partnerships, looking ahead.

FAQ

What is the National Pension Service (NPS) and NPSIM?

The National Pension Service is the Republic of Korea’s public pension administrator, commissioned by the Minister of Health and Welfare to run the National Pension Plan and manage the National Pension Fund (NPF). National Pension Service Investment Management (NPSIM), launched in 1999, is the dedicated investment arm that invests the Fund under policies approved by the National Pension Fund Management Committee.

What is the latest official AUM of the National Pension Fund?

As of end-June 2026 (provisional monthly disclosure), NPSIM published total Fund assets of KRW 1,865.6 trillion. Prefer this dated KRW figure over undated USD league-table conversions. Year-end 2024 AUM in the Responsible Investment & Governance Report 2024 was KRW 1,212.9 trillion.

Who is the Chairman and CEO of NPS?

Kim Sung-joo serves as Chairman and CEO of the National Pension Service following a December 2025 reappointment (Companies House records show Sungjoo Kim appointed a director of Korea National Pension Service from 15 December 2025). He previously chaired NPS from 2017–2020.

Who is the Chief Investment Officer of NPSIM?

Kyu-Hong Lee (Lee Kyu-hong) is listed on the NPSIM English organization chart as Executive Fund Director & Chief Investment Officer, effective 15 September 2026. Seo Won-joo’s tenure closed. The CIO’s Message greeting page may still lag the live roster.

What were 2025 and H1 2026 returns?

Official by-asset tables show a 2025 money-weighted Fund return of 18.82% with investment income of about KRW 231.6 trillion. Preliminary year-to-date return for January–June 2026 was 27.22% with investment income of KRW 401.4 trillion. Since-inception annualized return (1988–2025) is 8.04%.

How is the Fund’s portfolio allocated?

As of end-June 2026 (provisional): Domestic Equity KRW 543.2 tn (29.1%), Domestic Fixed Income KRW 287.8 tn (15.4%), Global Equity KRW 661.1 tn (35.4%), Global Fixed Income KRW 110.2 tn (5.9%), Alternatives KRW 260.9 tn (14.0%), Short-term Assets KRW 4.6 tn (0.2%), Welfare/Others KRW 0.8 tn.

What are NPS’s six investment principles?

Per the Guideline for National Pension Fund Management: Profitability, Stability, Public Benefit, Liquidity, Sustainability, and Independence.

How is NPS governed for investments?

The National Pension Fund Management Committee, chaired by the Minister of Health and Welfare, is the highest decision-making body for investment policy and asset allocation. NPS manages the Fund under MoHW commission; NPSIM executes investments; the National Pension Research Institute supports research and performance assessment. Special Committees cover investment policy, responsible investment & governance, and risk/performance/compensation.

Does NPS practice responsible investment and stewardship?

Yes. NPS has been a PRI signatory since September 2009 and adopted Responsible Investment & Governance Principles (Stewardship Code) in July 2018. The 2024 RI&G Report cites KRW 708.9 trillion of responsible investment (58.5%), 3,165 domestic-equity voting agendas across 756 meetings, and 248 engagement activities involving 147 companies.

Where are NPSIM’s overseas offices?

The live organization chart lists New York, London, Singapore, and San Francisco office heads. History notes New York (2011), London (2012), Singapore (2015), and San Francisco (2024).

Does this profile invent USD AUM?

No. Universal Asset Owners prefers official KRW figures as published by NPSIM. Undated USD conversions are omitted unless NPS itself states USD.

Is the UAO Influence Index a rating of NPS?

No. Any Influence Index on Universal Asset Owners Registry cards is an editorial composite for navigation — not a credit rating, performance score, or official NPS metric.

Sources & further reading

1. NPSIM English site — main, mandate, governance, organization, history, principles, asset allocation, risk, fund status, portfolio, performance, RI, stewardship.
2. Responsible Investment & Governance Report 2024 — PDF.
3. Companies House — KOREA NATIONAL PENSION SERVICE FC030763 filing history (Sungjoo Kim director appointment 15 Dec 2025).
4. Secondary (labelled): MoHW / KED Global / Seoul Economic Daily / Korea Herald appointment and independence coverage, 2025–2026.
5. Official video: 국민연금TV — p1DzqWbhYlg (2026-03-22).

Official video

Official 국민연금TV (NPSCorp) explainer on Fund Management Committee independence and 2025 performance context (published 22 March 2026). Embedded via YouTube nocookie.

Completeness note

This profile targets ~10,000 sourced words from opened NPSIM English pages plus the 2024 RI&G Report PDF. Non-blocking expansions: full National Pension Fund Report 2024 PDF once the board download URL is captured; RI&G Report 2025 PDF (listed 15 July 2026); Korean-language nps.or.kr chairman biography page when the English portal is stable; lagged full holdings files when next disclosure window opens. No filler invented to hit the floor.