M&A규제와 의결권행사 및 신탁제도의 활성화 방안
Regulation on Merger & Acquisition and Vitalization of Voting Agreement & Voting Trust
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Currently many corporations in Korea are nearly unguarded against hostile Merger & Acquisition. So the dispute(offense and defense) arise for undertaking supremacy of corporation. Foreign countries(including Europe and America) select many systems as a countermeasure against hostile Merger & Acquisition. Typical systems are Dual class stock, Golden share, Golden parachute, Poison pill, Supermajority vote to approve merger, Classified Board. The listed corporations in Korea use these system, just like Golden parachute, Supermajority vote to approve merger, Classified Board in existing legal system , but we must amend our law (Commercial law, Securities exchange act ,etc.) to use Dual class stock, Poison pill. And we make comprehensive legal system just like Exon-Florio clause ,that using in America to counteract against hostile Merger & Acquisition. The unlisted companies in Korea are similar to the closed corporations in America. So unlisted companies in Korea use Shareholders Agreement for supremacy of corporation just like Voting agreement, Irrevocable proxy, Voting trust. The unlisted corporations in Korea use former two system in existing legal system, voting trust accompany with amendment our law.
Abstract
Currently many corporations in Korea are nearly unguarded against hostile Merger & Acquisition. So the dispute(offense and defense) arise for undertaking supremacy of corporation. Foreign countries(including Europe and America) select many systems as a countermeasure against hostile Merger & Acquisition. Typical systems are Dual class stock, Golden share, Golden parachute, Poison pill, Supermajority vote to approve merger, Classified Board. The listed corporations in Korea use these system, just like Golden parachute, Supermajority vote to approve merger, Classified Board in existing legal system , but we must amend our law (Commercial law, Securities exchange act ,etc.) to use Dual class stock, Poison pill. And we make comprehensive legal system just like Exon-Florio clause ,that using in America to counteract against hostile Merger & Acquisition. The unlisted companies in Korea are similar to the closed corporations in America. So unlisted companies in Korea use Shareholders Agreement for supremacy of corporation just like Voting agreement, Irrevocable proxy, Voting trust. The unlisted corporations in Korea use former two system in existing legal system, voting trust accompany with amendment our law.
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