The Democratic Party of Korea is developing detailed rules to strengthen the stewardship code and encourage institutional investors to challenge practices that suppress companies’ share prices. The National Pension Service plans to incorporate managers’ stewardship compliance into evaluations and use the results when allocating entrusted funds, including through additional mandates or potential clawbacks. Participants at a National Assembly forum called for qualitative assessments of voting, company engagement and conflict-of-interest management rather than simple counts of votes or shareholder letters. South Korea’s stewardship code was fully revised in July and is scheduled to take full effect in 2027 after a preparation period. Speakers also urged clear incentives and penalties, citing Japan’s weighting of compliance at 30% for passive managers and 10% for active managers, while warning that uniform standards could create paperwork and overlook differences in investment strategies and product structures.