일본 회사법상 지배구조개혁을 둘러싼 최근 동향 - 개정법상 사외이사설치의 의무화와 관련하여 -
Recent trend around governance reform in the Japanese corporation law - regarding making independent directors compulsory under the revised law -
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During the 1990s in Japan, corporate governance drew people's attention due to frequent business corruption including bad bonds and accounting fraud caused by the collapse of the bubble economy and lax management. Later, advanced businesses started implementing measures such as restructuring board of directors or expansion of information disclosure. Then, corporate governance was organized in the 2000s by enacting regulations of listing standards under the corporate law or the Securities and Exchange Act. However the corporate governance is still be blamed by institutional investors home and abroad in that appropriate provisions regarding independent directors are not included in the related laws including the corporation law. Independent directors are effective in improving corporate governance and capital markets. In particular, making outside directors a legal duty of a listed company is necessary to attain the confidence of institutional investors, which is a majority opinion in Japan. After being enacted in 2005, Japanese corporation law was thoroughly revised in June, 2014 and it will be put into force on the first of April, 2015. Despite the thorough revision, independent directors are not compulsory but imposed as a duty depending how they are operated. In this regard, the current situation around independent directors and specific revisions will be investigated.
Abstract
During the 1990s in Japan, corporate governance drew people's attention due to frequent business corruption including bad bonds and accounting fraud caused by the collapse of the bubble economy and lax management. Later, advanced businesses started implementing measures such as restructuring board of directors or expansion of information disclosure. Then, corporate governance was organized in the 2000s by enacting regulations of listing standards under the corporate law or the Securities and Exchange Act. However the corporate governance is still be blamed by institutional investors home and abroad in that appropriate provisions regarding independent directors are not included in the related laws including the corporation law. Independent directors are effective in improving corporate governance and capital markets. In particular, making outside directors a legal duty of a listed company is necessary to attain the confidence of institutional investors, which is a majority opinion in Japan. After being enacted in 2005, Japanese corporation law was thoroughly revised in June, 2014 and it will be put into force on the first of April, 2015. Despite the thorough revision, independent directors are not compulsory but imposed as a duty depending how they are operated. In this regard, the current situation around independent directors and specific revisions will be investigated.
참고문헌 (51)
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- 落合誠一, "会社法と商事法務" (2008), 商事法務
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- 落合誠一, "会社法と商事法務" (2008), 商事法務
- 森本滋, "委員会等設置会社制度の理念と機能(中)-監査委員会と監査役制度の比較を中心に-", 商事法務, (1667) (2003)
- 大杉謙一, "取締役会の監督機能の強化(上) - 社外取締役・監査役制度など-", 商事法務, (1941) (2011)
- 三輪晋也, "日本企業の社外取締役と企業業績に関する実証分析", 日本経営学会誌, 25 (2010)
- 河本一郎, "金融商品取引法読本" (2011), 有斐閣
- "上場制度に関する投資家向け意見募集に対して寄せられた意見の概要", 東京証券取引所, ~ (2010)
- 前田雅弘, "『会社法制の見直しに関する要綱』の考え方と今後の実務対応", 別冊商事法務, (372) (2012)
- "동경증권거래소 상장회사의 사외이사선임상황", 東京證券去來所, ~ (2013)
- "社外取締役・取締役会に期待される役割", 日本取締役会協会の提言, ~ (2014)
- 馬杉栄一, "社外取締役の果たすべき役割について” 金融高度化セミナー", ~ (2014)
- 呉曉青, "独立取締役とコーポレート・ガバナンス", 一橋法学, 10(2) (2011)
- 岩原神作, "会社法制の見直しに関する要綱案の解説", 別冊商事法務, (372) (2012)
- "会社法改正審議を通した企業統治改革の加速実現を", 経済同友会, ~ (2013)
- 中村直人, "平成26年株主総会の心構え", 資料版・商事法務, 357 (2013)
- 中西和幸, "社外取締役をおくことが相当でない理由の説明内容と運用のあり方", 商事法務, (1980) (2013)
- 小阿瀨達彦, "普及進む「独立社外取締役", 大和総研 (2014)
- 落合誠一, "社外取締役・取締役会に期待される役割について", 商事法務, (2028) (2014)
- 藤田勉, "独立取締役義務化に反対する", 資本市場, (341) (2014)
- 坂本三郎, "会社法制に関する今後の動向", 商事法務, (2021) (2014)
- 高橋均, "取締役会改革と展望", 商事法務, (2023) (2014)
- 佐藤寿彦, "社外取締役がいない会社に求められる説明", 商事法務, (2024) (2014)
- 中西和幸, "社外取締役を置くことが相当ではない理由に関する規律の要綱からの変更と実務 に与える影響", 商事法務, (2025) (2014)
- 坂本三郎, "平成26年改正会社法の解説(Ⅰ)", 商事法務, (2040) (2014)
- 坂本三郎, "平成26年改正会社法の解説(Ⅲ)", 商事法務 (2014)