이사의 충실의무 대상
The Scope of Directorʼs Fiduciary Duty
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초록
최근 정준호 의원이 대표 발의한 상법 일부개정법률안은 주주 가치 제고 등을 이유로 주주 중심주의에 기반하여 상법 제382조 제3항의 이사의 충실의무 대상을 ʻ회사ʼ에서 ʻ주주ʼ까지 확대하려고 하고 있다. 그러나 필자는 이 글에서 이해관계자 중심의 이론이 확대되는 추세 등을 예로 들며 이러한 상법 개정안에 반대하는 논거를 다양하게 제시하였다. 그리고 주주 가치 하락의 주요 원인으로 지배주주의 터널링 및 자산 유출, 비효율적 운영 등을 지적하고, 이러한 문제들을 해결하기 위해서는 이사의 충실의무 대상을 주주까지 확대하는 방법이 아니라 지배주주가 회사와 모든 이해관계자의 이익을 고려하도록 하는 지배주주의 충실의무 규정을 도입하는 방법 등이 옳다는 의견을 제시하였다, 또한, 소수 주주 보호를 위한 법적 장치 강화, 내부 거래의 투명성 증대, 외부 감사의 독립성 강화를 통해 투명하고 공정한 기업지배구조를 확립하고, 투자자들에게 지배구조의 중요성을 인식시키며 권리 행사를 독려하는 것이 필요하다는 점을 강조하였다. 그리고 이러한 접근이 기업의 장기적 성장과 주주 가치를 증진하는 실질적인 해결책이 될 것이라고 본다.
Abstract
Recently, A member of the National Assembly of Korea has proposed as representative an amendment to Article 382-3 of the Commercial Code, aiming to expand the scope of directorsʼ fiduciary duty from ʻthe companyʼ to include ʻshareholdersʼ, based on shareholder primacy and with the goal of enhancing shareholder value. However, in this article, I present various arguments against this amendment, citing trends toward stakeholder oriented theories as examples. I highlight that major causes of declining shareholder value include tunneling, asset diversion by dominant shareholders, and inefficient management. To address these issues, I propose not expanding directorsʼ fiduciary duty to include shareholders, but rather introducing regulations that require dominant shareholders to consider the interests of the company and all stakeholders. I also emphasize the need to strengthen legal mechanisms for protecting minority shareholders, increase transparency in internal transactions, and enhance the independence of external audits to establish a transparent and fair corporate governance structure. Additionally, it is crucial to raise awareness among investors about the importance of governance and encourage them to actively exercise their rights. I believe that this approach will provide a practical solution for enhancing both long-term corporate growth and shareholder value.
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