[Title Page] 1
CONTENTS 2
Message from the CEO / Seoungho Jin 4
INTRODUCTION 15
Global Reach 16
Vision & Mission 18
INVESTMENT REVIEW 20
Investment Overview 22
Investment Policy & Process 25
Traditional Investments 28
Alternative Investments 31
Investment Stewardship and Sustainable Investment 34
Risk Management 38
Securities Lending 41
Support for the Domestic Finance Industry 42
Global Network 44
GOVERNANCE & ORGANIZATION 46
Governance 48
Steering Committee 50
Executive Management 52
Ethical Management 54
Talent Development 56
Social Contributions 60
Milestones 64
Organization Chart 65
FINANCIAL REVIEW 66
Independent Auditors' Report / Grant Thornton Daejoo 67
Statement of Financial Position 69
Statement of Income 70
Statement of Changes in Equity 71
Statement of Cash Flows 72
Notes to the Financial Statements 74
1. Reporting Entity 74
2. Basis of Preparation 74
3. Significant Accounting Policies 75
4. Cash and Due From Banks 78
5. Financial Assets at Fair Value Through Profit or Loss Included in Securities Account 78
6. Property and Equipment 79
7. Insured Assets 79
8. Intangible Assets 80
9. Retirement and Severance Benefits 80
10. Assets and Liabilities Denominated in Foreign Currencies 81
11. Commitments and Contingencies 82
12. Capital 82
13. Retained Earnings 83
14. Income Taxes 84
15. Related Party Transactions 85
16. General and Administrative Expenses 86
17. Value Added Information 87
18. Date of Authorization for Issue 87
[Back Cover] 89