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“No Good Deed Goes Unpunished:” A Korea-U.S. Analysis of Legal Risks Faced by Directors Pursuing Corporate Social Responsibility

필립스|이세인
한국상사판례학회 (The Korea Commercial Cases Association)|2010.09|상사판례연구 (Commercial Cases Review)|제23권 제3호|pp. 129-170

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참고문헌

키워드

상법개정경영판단의 원칙Corporate Social Responsibility기업의 사회적 책임Business Judgment Rule이사의 주의의무상법 제401조Fiduciary dutiesKorean Commercial Code - Articles 399 and 401상법 제399조
주제분류법학

초록

With Korea's emergence as a global economic power, it has turned its attention to carving out a role as an international leader in development assistance. To that end, and because of ongoing arguments over the wealth and power of Korean corporations, Corporate Social Responsibility (CSR) has become a much discussed topic. Multinational Korean companies, with production facilities in developing countries, have already pushed forward with CSR policies and projects. CSR may indeed improve national and company images, legitimate corporate wealth, enhance worker productivity, and reduce corporate legal liability. However, it seemingly conflicts with Neo‐classical economic arguments that directors/officers must produce at the lowest possible cost, ever increasing company profit and shareholder wealth. American academics, courts, and legislators have grappled with this conflict for decades but Korean jurisprudence has yet to face it. Our goal is to contribute to the evolution of Korean law in this field. We first track the progress of U.S. law in addressing the conflict and then compare Korean statutes and court decisions, revealing gaps which increase the legal risk for directors/officers pursuing CSR. We conclude with suggestions for revising the Korean Commercial Code (KCC) to clarify the legal parameters within which directors/officers can more safely operate. To the extent Korea and its transnational companies wish to take up CSR, these changes will further that goal by reducing legal jeopardy. Our analysis also contributes to the current legislative debate on amending the Korean Commercial Code's treatment of director liability.

Abstract

With Korea's emergence as a global economic power, it has turned its attention to carving out a role as an international leader in development assistance. To that end, and because of ongoing arguments over the wealth and power of Korean corporations, Corporate Social Responsibility (CSR) has become a much discussed topic. Multinational Korean companies, with production facilities in developing countries, have already pushed forward with CSR policies and projects. CSR may indeed improve national and company images, legitimate corporate wealth, enhance worker productivity, and reduce corporate legal liability. However, it seemingly conflicts with Neo‐classical economic arguments that directors/officers must produce at the lowest possible cost, ever increasing company profit and shareholder wealth. American academics, courts, and legislators have grappled with this conflict for decades but Korean jurisprudence has yet to face it. Our goal is to contribute to the evolution of Korean law in this field. We first track the progress of U.S. law in addressing the conflict and then compare Korean statutes and court decisions, revealing gaps which increase the legal risk for directors/officers pursuing CSR. We conclude with suggestions for revising the Korean Commercial Code (KCC) to clarify the legal parameters within which directors/officers can more safely operate. To the extent Korea and its transnational companies wish to take up CSR, these changes will further that goal by reducing legal jeopardy. Our analysis also contributes to the current legislative debate on amending the Korean Commercial Code's treatment of director liability.

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