기관투자자의 의결권 행사에 대한 법적과제
Legal Problems on the Exercise of Institutional Investors' Voting Rights
0
조회
0
다운로드
7
인용
0
참고문헌
키워드
초록
To the present since 1997 financial crisis, in the last 15 years, Korea has enacted various legislations. It was to establish a modern corporate governance structure, by reinforced the responsibility of the Controlling shareholder and corporate executives. Despite the introduction of such a system, is very skeptical on the controlling shareholder and the management of corporate managers, and it was doubtful that was performed properly the functions of surveillance, containment and control. Under these circumstances, since the 1997 financial crisis, voting rights was permitted to the institutional investors in the shareholders meeting. In 2011, government policy officer argued that the exercise of voting rights by public pension funds, such as pension should strengthen. Since, it has been occurred a large social wavelength that the claims in favor conflicted on opinion of the opposite. However, on the controlling shareholder of companies and the business executives the surveillance, containment and control does not the effective. In these reality, it should be approved the role and importance of institutional investors voting rights. To exercise on the voting rights of institutional investors, the following improvements should be made. The duties and responsibilities of institutional investors should be strengthened as a monitor of corporate management. Disclosure of voting rights by institutional investors, expanding the scope of the subject, and shall be open to the specifics. Prior to the exercise of voting rights, disclosure should be made in advance. And voting guidelines of institutional investors and the internal directive of voting rights by institutional investors, including information about the decision, have to be made public. Decision-making institutional independence should be guaranteed. Also it must to receive sufficient information for the shareholders' meeting. And the meeting date shall be notified before some three weeks or four weeks, for it can be analyzed in advance to secure a sufficient period. Voting directive and detailed standard for Pension should define clearly. In addition, institutional investors' voting instructions, the details of the internal standards must be supplemented. To this end, the Korea Financial Investment Association's "voting guidelines", it is desirable to accommodate. In addition, to verify of information on the shareholders meeting agenda and to gain expertise in the analysis, from the professional organizations - ISS(Institutional Shareholder Service), Glass Lewis & Co., Center for Good Corporate Governance(CGCG) and Corporate Governance Service(CGS) - to receive voting advisory services is desirable.
Abstract
To the present since 1997 financial crisis, in the last 15 years, Korea has enacted various legislations. It was to establish a modern corporate governance structure, by reinforced the responsibility of the Controlling shareholder and corporate executives. Despite the introduction of such a system, is very skeptical on the controlling shareholder and the management of corporate managers, and it was doubtful that was performed properly the functions of surveillance, containment and control. Under these circumstances, since the 1997 financial crisis, voting rights was permitted to the institutional investors in the shareholders meeting. In 2011, government policy officer argued that the exercise of voting rights by public pension funds, such as pension should strengthen. Since, it has been occurred a large social wavelength that the claims in favor conflicted on opinion of the opposite. However, on the controlling shareholder of companies and the business executives the surveillance, containment and control does not the effective. In these reality, it should be approved the role and importance of institutional investors voting rights. To exercise on the voting rights of institutional investors, the following improvements should be made. The duties and responsibilities of institutional investors should be strengthened as a monitor of corporate management. Disclosure of voting rights by institutional investors, expanding the scope of the subject, and shall be open to the specifics. Prior to the exercise of voting rights, disclosure should be made in advance. And voting guidelines of institutional investors and the internal directive of voting rights by institutional investors, including information about the decision, have to be made public. Decision-making institutional independence should be guaranteed. Also it must to receive sufficient information for the shareholders' meeting. And the meeting date shall be notified before some three weeks or four weeks, for it can be analyzed in advance to secure a sufficient period. Voting directive and detailed standard for Pension should define clearly. In addition, institutional investors' voting instructions, the details of the internal standards must be supplemented. To this end, the Korea Financial Investment Association's "voting guidelines", it is desirable to accommodate. In addition, to verify of information on the shareholders meeting agenda and to gain expertise in the analysis, from the professional organizations - ISS(Institutional Shareholder Service), Glass Lewis & Co., Center for Good Corporate Governance(CGCG) and Corporate Governance Service(CGS) - to receive voting advisory services is desirable.
참고문헌 (33)
- 강병호, "기관투자자의 의결권 행사", Bulls Review, (가을) (2011), 금융투자협회
- 2012년 기관투자자 의결권행사 현황, "강정민", 경제개혁연구소, ~, pp.ERRI 경제개혁리포트 2012-21호 (2012)
- 2011년 기관투자자 의결권행사 현황, "강정민", 경제개혁연구소, ~, pp.ERRI 경제개혁리포트 2011-13호 (2011)
- 2010년 기관투자자 의결권행사 실태와 문제점, "강정민", 경제개혁연구소, ~, pp.ERRI 경제개혁리포트 2010-10호 (2010)
- 2009 기관투자자 의결권 행사 실태와 문제점 ; - 기관투자자, 제 역할 하려면 아직 갈 길 멀어, "강정민", 경제개혁연대, ~, pp.ERRI 경제개혁리포트 2009-5호 (2009)
- 권기범, "기관투자자의 의결권행사에 관한 연구", 상사법연구, 14(2) (1995)
- 김화진, "주주와 경영진의 이상한 권력투쟁", 서울대학교 법학, 50(2), pp.415~449 (2009), 법학연구소
- 국민연금 의결권 행사의 문제와 대산, "박영균", ~, pp.자유기업원(CFE) Briefing Papers, No.54 (2003)
- 박영석, "국민연금 의결권 행사 개선 방안", 한국증권학회지, 41(1), pp.93~124 (2012), 한국증권학회
- 박종렬, "기관투자자로써 연기금의 활성화 방안", 기업법연구, 11, pp.119~142 (2002), 한국기업법학회
- 배지헌, "기관투자자의 주주행동주의 강화되고 있다", LG주간경제 (2007), LG경제연구원
- 송민경, "기관투자자의 의결권 행사 활성화 방안", KRX Market (2011), 한국거래소
- 송호신, "자본다수결제도에서 회사지배변동에 따른 주주간의 이해조정, In 춘광이원석박사정년기념 90년대 상사법의 신경향" (1991), 정년기념논문집 편찬위원회
- 안택식, "연기금주주의 의결권 행사와 주주의 충실의무", 한양법학, 23(2), pp.121~151 (2012), 한양법학회[DOI]
- 염미경, "사외이사의 효율적 활용방안 -사외이사의 독립성확보를 위한 기관투자자의역할을 중심으로-", 상사법연구, 23(1), pp.147~180 (2004), 한국상사법학회
- 은민수, "국민연금 기금의 동원전략 : 국민연금 기금운용 지배구조 및 기업지배구조의 변화 가능성", 한국사회정책, 18(3), pp.91~128 (2011), 한국사회정책학회
- 국민연금기금의 주주권 행사 의무화 및 지배구조의 문제점과 과제, "이병기", 한국경제연구원, ~, pp.정책연구 2012-11 (2013)
- 이상복, "외국에서의 주주행동주의의 한계와 개선과제 ―영국과 미국의 기관투자자 행동주의를 중심으로―", 증권법연구, 9(1), pp.121~173 (2008), 한국증권법학회
- 이상복, "기업지배구조와 기관투자자의 역할", 기업법연구, 22(4), pp.247~292 (2008), 한국기업법학회
- 금융회사 지배구조 개선을 위한 기관투자자의 역할 강화 방안, "이시연", 한국금융연구원, ~, pp.금융 VIP시리즈 2011-09 (2011)
- 이제원, "상장회사에 있어서 기관투자자의 역할", 상사법연구, 17(1) (1998)
- 이준섭, "機關投資者의 企業支配的 役割", 상사법연구, 22(2), pp.45~84 (2003), 한국상사법학회
- 국민연금 주식투자 확대의 영향과 쟁점, "이철용", LG경제연구원, ~ (2005)
- 장정애, "연기금의 기업지배적 역할의 활성화 방안", 상사판례연구, 23(1), pp.579~608 (2010), 한국상사판례학회
- Bernard S. Black, "Agents Watching Agents : The Promise of Institutional Investor Voice", ULCA Law Review, 39 (1992)
- "Institutional Investor Activism : Follow the Leaders?"[URL]
- Edward L.Rubin, "Images of Organizations and Consequences of Regulation", Theoretical Inquiries in Law, 6 (2005)
- The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour, "E.Philip Davis", Financial Market Group, ~ (1996)
- Creating Value Through Activism : Opportunities and Obstacles, "Glee R. Carlson", The Brandes Institute, ~ (2011)
- John C.Coffee, "Liquidity versus Control : The Institutional Investor as Corporate Monitors", Columbia Law Review, 91 (1991)
- John Hendry, "Responsible Ownership, Shareholder Value and the New Shareholder Activism", Competition & Change, 11(3) (2007), Maney Publishing
- Stephen J.Choi, "How To Fix Wall Street : A Voucher Financing Proposal for Securities Intermediaries", The Yale Law Journal, 113(2) (2003)
- Stuart L. Gillan, "Corporate Governance, Corporate Ownership, and the Role of Institutional Investors : A Global Perspective", Journal of Applied Finance, 13(2) (2003)