기업연금의 지배구조: 미국, 네덜란드의 비교
The governance structure of corporate pension: A comparative analysis of U.S. and the Netherlands
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초록
이 논문은 연금의 통제 혹은 연금자산의 운용과 관리에 있어서 연금소유주인 노동자들의 참여와 관련된 문제를 연금지배구조로 정의하고, 이것이 일반적인 기업지배구조 문제와 어떤 차이가 있는지를 이론적으로 규명한다. 나아가 확정기여형 연금자산의 주식투자 비중이 높은 미국과 네덜란드의 기업연금 제도를 개괄하고 그것을 연금지배구조 측면에서 상호 비교, 검토한다. 2004년 말 현재 2005년 12월 1일 시행을 예정으로 한 ‘근로자퇴직급여보장법(안)’이 국회를 통과하였다. 제도도입을 둘러싼 이해당사자간 이견이 여전히 존재하는 가운데 기존 퇴직금제도가 폐지되는 것은 아니라 해도 기업연금이 본격적으로 도입되는 효과가 있다. 그러나 통과된 법안은 제 3자 감시장치가 없고, 또 연금스폰서인 사용자에게 과도한 재량권을 허용하는 등 문제가 많다. 또 향후 신탁형이 도입될 경우에는 제 3자 감시장치나 수탁자책임 문제는 신중히 고려할 필요가 있다. 이러한 문제들은 결국 기업연금의 지배구조를 어떻게 설계하느냐의 문제로 귀결된다. 본 연구는 연금 자산의 노동자 통제에 기반한 새로운 지배구조와 노사관계, 금융시스템이 제도적으로 조응하는 새로운 성장체제를 모색하기 위한 과정에서 하나의 출발점을 제시할 수 있다.
Abstract
With the global trends expanding the private pensions such as corporate pension, there has been a little concern on the governance structure of pension fund. The governance structure of pension fund or the pension fund governance is defined as " a institutional arrangements which can settle down the various conflicts on design and decision making process of pension plan and on management, control, accountability, and the supervision of fund assets". As the corporate governance of the firm, governance structure of pension fund has been mattered due to its unique agency problems. But there are some differences between the two governance structures. Our research finds out the distinctive features in the governance structure of corporate pension funds, and suggests the importance of the good governance structure of pension fund. In this respect, it reviews the corporate pension systems of two countries : U.S and the Netherlands. Each country has a unique corporate pension system and corresponding governance mechanism. For example, concerning the relationship between the corporate governance and the pension fund governance, the U.S in which corporate governance are based on dispersed ownership and managers of the firm have powerful control rights on the firm resources, has a pension system excluding the employees as planparticipants. On the other hand, the Netherlands in which the degree of the employee's participation to the management has been high has likewise pension fund governance. Pension boards at the level of industrial sector and the individual company in the Netherlands are typical examples.
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