The decision was made during a regular meeting held earlier in the day.
It marks the first time that the pension operator has actually invoked the code, which can be used to influence managerial decisions.
In July 2018, the NPS adopted the code, a set of principles or guidelines aimed at getting institutional investors to actively engage in corporate governance to advance the interests of shareholders.
NPS is the second-largest shareholder of the airline, with a 12.45 percent stake, and the third-largest stakeholder of Hanjin KAL, the holding company of Hanjin Group, with a 7.34 percent stake.
The largest stake is held by Korean Air Chairman Cho Yang-ho and his family members, along with those that maintain special relations with the company.
By Ram Garikipati and newswires (email@example.com)