지배주주 견제를 위한 기관투자자의결권행사의 활성화 방안
The Method of Revitalization of Institutional Investors’ Voting Rights to check the Controlling Shareholder
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Korea has mainly been developing through large conglomerates, and as such, owner-centric management system has been maintained, large conglomerates' finance insurance companies investment ratio to affiliates have been high, and companies with owners have an excessive amount of internal equity - a unique characteristic of corporate governance in Korea. In the discussion of corporate governance, the major focus has been on functions and distribution of power in general meeting of stockholders, board of directors, audit committees. However, in Korea, under the structure of large conglomerates, it was difficult to have management supervision because of the close relationship of board of directors/audit committees and the management. Also, the individual directors and the auditors were not independent from the controlling shareholder and as such, it was difficult to protect minority shareholder. To check the controlling shareholder under the structure of large conglomerates, the preventing system(such as trustees' responsibilities) for the interests conflict and double derivative suit should be adopted. And the vitalization of institutional investors' voting rights must be pursued. As a method to vitalize voting rights (1) the notice period for convocation of meeting of shareholders should be advanced (2) the scope of mandatory prior-disclosure system needs to be expanded (3) electronic vote system should be adopted (4) Shareholder's general meeting agenda related information to be shared broadly (5) Proxy Advisory Service to be introduced.
Abstract
Korea has mainly been developing through large conglomerates, and as such, owner-centric management system has been maintained, large conglomerates' finance insurance companies investment ratio to affiliates have been high, and companies with owners have an excessive amount of internal equity - a unique characteristic of corporate governance in Korea. In the discussion of corporate governance, the major focus has been on functions and distribution of power in general meeting of stockholders, board of directors, audit committees. However, in Korea, under the structure of large conglomerates, it was difficult to have management supervision because of the close relationship of board of directors/audit committees and the management. Also, the individual directors and the auditors were not independent from the controlling shareholder and as such, it was difficult to protect minority shareholder. To check the controlling shareholder under the structure of large conglomerates, the preventing system(such as trustees' responsibilities) for the interests conflict and double derivative suit should be adopted. And the vitalization of institutional investors' voting rights must be pursued. As a method to vitalize voting rights (1) the notice period for convocation of meeting of shareholders should be advanced (2) the scope of mandatory prior-disclosure system needs to be expanded (3) electronic vote system should be adopted (4) Shareholder's general meeting agenda related information to be shared broadly (5) Proxy Advisory Service to be introduced.
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