벤처기업의 복수의결권제도 도입방안

Abstract

In the case of the US, China, UK, India, and Germany, where many venture companies are emerging, both the issuance of multiple voting shares and listing on the stock exchange are permitted. In many countries, the multiple voting stock system was introduced and innovative companies were listed. It is a global trend leading to As is well known, the United States, which has the largest number of unicorns in the world, has attracted a lot of attention among innovative venture companies as the issuance structure of multiple voting stocks has attracted a lot of attention among innovative venture companies as American tech companies one after another, led by Google, selected IPOs with multiple voting rights. In particular, the introduction of the Venture Business Act, which is applied to innovative and high-tech companies, should be actively considered. If Coupang INC is recently listed on the US stock market, and other companies are also knocking on the door of the US stock market, this could result in lowering the competitiveness of the Korean exchange. Foreign companies are also interested in exchanges such as the United States, where listings of multiple voting rights are allowed, and the Hong Kong Exchange and Singapore Exchange feel a crisis that Chinese tech companies prefer listing in the United States where IPOs with multiple voting rights are possible. Listing regulations allowing multiple voting rights were adopted, and in 2019, the STAR market in China's Shanghai Stock Exchange and the Securities Supervisory Authority (SEBI) of India also made it possible to list multiple voting stocks. Regarding the introduction of multiple voting stocks, there are opinions against the recognition of exceptions to the application of the principle of one share, one vote, which is the grand principle under the Commercial Act, as an innovative company, but it is only recognized by the Venture Business Act, not the Commercial Act that applies to all companies. This needs to be looked at prospectively.