This study aims to analyze data management policies offered by 15 government funding agencies in the U.S., UK, Canada, and Australia, and to make recommendations for developing data management policies in Korea. For the analysis of data management policies, five criteria were suggested based on literature review as follows: 1) the definition of research data, 2) principles of data management, 3) data management plan, 4) the implementation of data management, 5) legal and ethical issues. It was found that there was no policy that covers all the criteria for the analysis. Several funding agencies, however, commonly dealt with each criteria in their data management policies. Based on the findings from the analysis, this study made the following suggestions: First, data policies provide definitions and types of research data based on the understanding of data creation in the fields of funding interests. Second, data policies include principles of data management applicable to data practices in Korea. Third, data policies implement data management plans to promote responsibility of researchers for managing data. Fourth, data policies specify data management implementations to facilitate and support data sharing practices. Fifth, data policies should minimize legal and ethical challenges in data sharing through the review of the applicability of related laws and regulations and their improvement.