KIC revises rules to allow remote due diligence The move came in response to the COVID-19 outbreak
Translated by Ryu Ho-joung 공개 2020-04-29 08:00:58
이 기사는 2020년 04월 29일 08:00 thebell 에 표출된 기사입니다.
Korea Investment Corporation (KIC), the country’s sovereign wealth fund, has partially changed guidelines for how on-site due diligence can be conducted during its process of selecting external managers. The move seemingly came in response to the COVID-19 outbreak which has resulted in broad restrictions on overseas travel.KIC revised its internal rules on due diligence performed during external manager selection, which was effective on April 14, sources close to the corporation said on Monday.
KIC changed Article 9 and Article 14 of its rules, which specify the process of selecting external managers in the categories of traditional assets and alternative assets, respectively. KIC added to each Article a sentence that reads “On-site due diligence can be conducted by an actual visit in principle, but other means including video conference and conference call may replace an actual visit if there is an unavoidable reason.”
Previously, KIC specified in its internal rules who can participate in on-site due diligence but had no detailed guidelines on how it can be performed. That was because visiting workplaces was regarded as normal in conducting on-site due diligence only a couple of months ago.
But, as the COVID-19 outbreak shows little signs of abating, broad restrictions on overseas travel have been prolonged, which forced KIC to consider ways of conducting remote due diligence. Revising the rules to stipulate that remote due diligence is allowed is also part of KIC’s efforts to be prepared for a possible state of emergency in the future.
KIC manages assets entrusted by the government, the Bank of Korea and other public foundations. Most of these assets, which include part of the country’s foreign reserves, are invested in foreign countries. KIC has about $156 billion in total assets under management as of the end of 2019, with 84.3 percent allocated to traditional assets, 15.7 percent to alternative assets such as hedge funds, private equity, real estate and infrastructure.
(By reporter Han Hee-yeon)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 스튜디오산타클로스ENT, 주주권익 보호 '구슬땀'
- 이에이트, AI 시뮬레이션·디지털 트윈 기술 선보여
- MBK, '몸값 2조' 지오영 인수 SPA 체결 임박
- [2024 더벨 글로벌 투자 로드쇼-베트남]한인이 설립한 RCE, 세계 첫 ‘중장비 온라인 중고거래’
- 회계법인 해솔, 부동산 타당성 자문 업무협약
- [2024 더벨 글로벌 투자 로드쇼-베트남]베트남의 지오영 '바이메드'·전기오토바이 '셀렉스' 눈길
- 지아이에스, 코스닥 상장 위한 예비심사신청서 제출
- [꿈틀대는 토큰증권 시장]'업계 표준' 루센트블록, '두자릿수' 레코드 조준
- [Company & IB]조달 '막바지' 롯데그룹, 롯데케미칼에 쏠리는 눈
- '910억 CB 발행' 아스트, 경영 정상화 속도 낸다