ESG와 회사법의 과제
Corporate Law in the Era of ESG
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전세계적으로 ESG(Environmental, Social, Governance) 논의가 활발하게 이루어지고 있다. ESG란 투자자가 투자 관련 의사결정을 하고 기업이 경영 관련 의사결정을 함에 있어 재무적 사항뿐만 아니라 환경, 사회, 지배구조 요소를 고려하여야 한다는 것이다. ESG는 투자자와 기업의 활동을 통해 인류가 직면하고 있는 기후변화, 인권, 근로 환경, 빈곤 해소, 양성 평등 등 여러 문제들을 해결하는 데에 그 목적이 있다. ESG 논의는 2000년대 UN 등 국제기구의 제창 하에 시작되었지만, 그 논의가 본격화된 것은 2018년 세계 최대의 자산운용사인 블랙록의 래리 핑크 회장이 투자대상회사들에게 ESG를 강조하고 2019년 미국 주요기업 CEO들의 모임인 비즈니스 라운드테이블이 이해관계자에게 기여하겠다고 선언하면서부터이다. 여기에 파리협정 등 기후변화 관련 국제적 노력이 구체화되고 EU를 비롯한 여러 국가들이 ESG 관련 입법을 추진하면서 우리나라에서도 지난 1, 2년 사이에 가히 ESG 열풍이라고 볼 수 있을 정도로 연기금, 기관투자자들과 기업들이 앞 다투어 ESG 투자와 경영을 선언하고 있다. ESG 논의는 회사법에 수많은 과제들을 던지고 있다. 회사가 주주와 이해관계자 중 누구의 이익을 위해 운영되어야 하는가와 같은 근본적인 문제부터, ESG 경영이 실행될 수 있도록 이사회와 주주 중 누구의 권한을 강화해야 하는지와 같은 기업지배구조 문제에 관한 문제도 있다. 이외에도 ESG 요소를 추구하는 것이 이사의 선관주의의무에 반하지는 않는지, 헤지펀드 등 주주단기주의에 대해 어떠한 입장을 취하여야 하는지, ESG 공시나 평가 제도는 어떻게 수립되어야 하는지, 연기금이나 기관투자자가 ESG를 추구하는 것이 수탁자의 의무에 반하지 않는지와 같은 문제들에 대한 답을 회사법이 제시하여야 한다. 본 논문은 ESG와 관련한 법학을 포함한 여러 학문 분야의 논의를 풍부하게 소개하고, ESG 열풍의 원인과 필요성을 검토한다. 전세계적인 ESG 논의가 회사법에 있어서 어떠한 의미를 갖는지를 설명하고 ESG 가치를 실현하기 위한 기업지배구조 메카니즘을 이사회 중심 모델, 주주 중심 모델, 수탁자 모델, 대표자 모델로 나누어 분석하여 ESG 시대에 걸맞는 새로운 기업지배구조의 모델을 제시한다. 이어 ESG가 우리나라 회사법에 던지는 여러 구체적 과제들을 검토하여 현행 법제 하에서 ESG 투자와 경영이 어느 범위 내에서 가능한지를 분석하고, ESG 시대에 회사법이 나아가야 할 방향을 제시한다.
Abstract
ESG is an agenda brought into spotlight of the business sector, initiated by, among others, Blackrock CEO Larry Flinkʼs annual letter to CEOs released in 2018 emphasizing the social purpose of its portfolio companies, and the Business Roundtableʼs statement adopted in 2019 declaring that companies shall generate long-term value for their shareholders and serve the benefits of their stakeholders. Since then, ESG factors have been raising in priority for major sovereign and pension funds, asset managers and companies worldwide. Korean institutional investors and corporate leaders have also joined in this trend and are steadily moving to further embrace ESG factors in their investment and business decisions. ESG discussions raise fundamental and various challenges to corporate law. Classical questions such as ʻʻfor whom the corporation should be managedʼʼ are under debate. Shareholder primacy and short-termism are being criticized for causing environmental and social problems. New ideas on corporate purpose, accountable capitalism, sustainable finance, new paradigm for corporate governance, enlightened shareholder value and shareholder welfare maximization are proposed by prominent politicians, scholars and practitioners. This article reviews how ESG discussions will change the shape of modern corporate law. It summarizes and analyzes four possible models of corporate governance mechanisms in pursuing ESG factors, namely the board centric model, shareholder centric model, trustee model and representative model, and further suggests a new model of corporate governance tailored to the era of ESG. It also continues present possible new legal issues and challenges in this sphere, such as the scope of discretion granted to board directors in pursuing ESG goals, interpretation of their fiduciary duties, regulatory view on short-termism and hedge fund activism, adequate scope of ESG disclosure, accountability of ESG ratings providers, and the challenges surrounding fiduciary duties of pension funds and asset managers in their ESG investments.
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