Governance
Stewardship Code
Integrity in Action: Our Commitment to the Korean Stewardship Code.
Petrichor Partners Co., Ltd. (hereinafter the “Company”) acknowledges its fiduciary duty to act in the best interests of limited partners or investors (the “Investors”) who have committed capital to venture investment associations, institutional private equity funds, or similar collective investment vehicles (the “Funds”) managed by the Company as a general partner under the Venture Investment Promotion Act and the Financial Investment Services and Capital Markets Act.
In accordance with the Principles on the Stewardship Responsibilities of Institutional Investors established by the Korea Stewardship Code, the Company hereby adopts and implements the following Stewardship Code.
The Company applies the Principles on a ‘comply or explain’ basis and will provide explanations where full compliance is not appropriate given the nature of its investment strategy. The application of this Code may vary depending on the characteristics, investment strategy, and governance structure of each Fund.
Principle 1
Policy for Stewardship Responsibilities
The Company shall establish and publicly disclose a clear policy to faithfully fulfill its fiduciary responsibilities as a steward managing assets entrusted by Investors.
The Company exercises due care and diligence in fulfilling its fiduciary duties in accordance with applicable laws and fund governing documents. The Company seeks to promote the interests of Investors while also taking into account the long-term sustainability of investee companies and the interests of broader stakeholders.
To this end, the Company engages in proactive stewardship activities, including identifying potential issues, conducting constructive dialogue, and making productive proposals where necessary.
Principle 2
Management of Conflicts of Interest
The Company shall establish and disclose effective and transparent policies to address actual or potential conflicts of interest arising in the course of stewardship activities.
The Company prioritizes the interests of Investors and maintains internal policies, including conflict-of-interest management rules, to mitigate risks arising from relationships with portfolio companies.
All Investors are treated fairly and equitably. The Company does not provide preferential or discriminatory treatment without reasonable justification in fund formation, management, or liquidation.
The Company identifies, evaluates, and manages potential conflicts of interest in accordance with established internal standards.
Principle 3
Monitoring of Investee Companies
The Company shall regularly monitor investee companies to enhance their mid- to long-term value and thereby protect and increase investment value.
Monitoring includes both financial factors (e.g., capital structure and performance) and non-financial factors (e.g., environmental, social, and governance (ESG) factors).
The Company endeavors to identify risk factors that may materially impair enterprise value in advance and addresses such issues through proactive communication, including prior consultations where appropriate.
Where necessary, the Company may participate in governance by appointing investment professionals as directors of investee companies.
Principle 4
Engagement and Internal Guidelines
The Company aims to build mutual understanding with investee companies and shall establish internal guidelines governing the timing, procedures, and methods of stewardship activities where necessary.
Based on its investment philosophy and stewardship policies, the Company seeks alignment with investee companies on both financial and non-financial matters.
The Company conducts periodic reviews and engagement activities to enhance corporate value and investor returns.
In all engagement activities, the Company strictly complies with applicable laws regarding the prohibition of the use of material non-public information and does not seek to obtain or use such information for improper advantage.
Principle 5
Voting Policy and Disclosure
The Company shall establish and disclose a voting policy, including guidelines, procedures, and detailed standards for the exercise of voting rights.
The Company is equipped with the necessary internal resources and expertise to exercise voting rights at shareholders’ meetings and boards of directors in a manner that promotes long-term value creation and investor interests.
Voting decisions are made independently and responsibly, based on applicable laws and fund governing documents.
While the Company reports voting activities to Investors, detailed voting records and rationales are not publicly disclosed, considering the nature of the Funds and the confidentiality obligations owed to Investors and portfolio companies. The Company will, where relevant, provide sufficient explanations to Investors regarding its approach to voting disclosure in accordance with the “comply or explain” principle.
Principle 6
Reporting to Investors
The Company shall regularly report stewardship activities, including voting activities, to Investors.
The Company maintains records of stewardship activities and provides periodic reports in accordance with fund agreements and governing documents.
Upon request, the Company may provide monthly, quarterly, or semi-annual reports via electronic or written communication.
Principle 7
Capabilities and Expertise
The Company shall maintain and continuously develop the capabilities and expertise necessary to effectively implement stewardship responsibilities.
The Company enhances its understanding of investee companies and maintains an appropriate organizational structure and internal resources to support constructive engagement.
Investment professionals possess extensive capital markets experience and uphold high ethical standards consistent with their roles as fiduciaries.
The management support and risk management functions operate independently and include qualified professionals such as certified public accountants and attorneys.
The Company strives to minimize risks by establishing and complying with appropriate legal and internal control frameworks, while also supporting continuous professional development through training and external programs.
Point of Contact