기업지배구조법제 형성에 관한 小考 - 최근의 의원발의 법률안을 소재로 검토 -
Rethinking Corporate Governance Regulation and Reforming Corporate Governance Practices based on the Legislators’s Proposal
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In the past, a number of reforming measures have been taken to improve the corporate governance framework and enhance shareholder’s rights especially in the area of the corporate law. In addition, recently, legislators proposed lots of proposal to reform the corporate governance, although they have noteworthy differences of measures to strengthen the accountability and motivate the incentives of directors to align with the interest of shareholders. In this paper I review of salient congressional themes about corporate governance that was suggested in the form of legislator’s proposals during recent 3 year-period. Those proposals focus on the shareholder power over directors and engaging in independent and robust monitoring, oversight, and policing of managers. This try can be evaluated to directly push shareholders and outside directors to police managers. However, this try has some limits. Because this aims and reflects the corporate governance mandate. On the other hand, the legislator’s incentive is not the same with shareholders’. Generally, the legislators hear the voice of their supporters and sometimes they want to make new practices that would make it harder for executives to deprive of the shareholders’s benefits. However, on the other hand, the legislator’s could hear the voice of executives and compromise how to reform and make new corporate governance practices. Accordingly the process and environment of corporate governance law making should be encouraged to take care and review by the public and shareholders more actively. On the other hand, from the perspective of technique of regulation, cost-effective regulation should be cultivated and need to be adopted. For example cost effective shareholder power should be supported and guaranteed. I should highlight the point that empirical studies show that although lots of reforming measures for corporate governance had been taken, the reality is not guarantee the good corporate governance at all. In this sense, to parallel with direct regulation and mandate, it would be effective to use indirect regulation technique. This form of regulation can be imposed by stock exchanges in their listing requirements, not by provisions of corporation law. Generally this kind of technique is called as ‘soft rule’. This kind of rule could create more stricter standards of independent directors and board committees(for examples audit, compensation, nominating committees) with the aiming of making directors more genuine monitors of and watchdogs over executives.
Abstract
In the past, a number of reforming measures have been taken to improve the corporate governance framework and enhance shareholder’s rights especially in the area of the corporate law. In addition, recently, legislators proposed lots of proposal to reform the corporate governance, although they have noteworthy differences of measures to strengthen the accountability and motivate the incentives of directors to align with the interest of shareholders. In this paper I review of salient congressional themes about corporate governance that was suggested in the form of legislator’s proposals during recent 3 year-period. Those proposals focus on the shareholder power over directors and engaging in independent and robust monitoring, oversight, and policing of managers. This try can be evaluated to directly push shareholders and outside directors to police managers. However, this try has some limits. Because this aims and reflects the corporate governance mandate. On the other hand, the legislator’s incentive is not the same with shareholders’. Generally, the legislators hear the voice of their supporters and sometimes they want to make new practices that would make it harder for executives to deprive of the shareholders’s benefits. However, on the other hand, the legislator’s could hear the voice of executives and compromise how to reform and make new corporate governance practices. Accordingly the process and environment of corporate governance law making should be encouraged to take care and review by the public and shareholders more actively. On the other hand, from the perspective of technique of regulation, cost-effective regulation should be cultivated and need to be adopted. For example cost effective shareholder power should be supported and guaranteed. I should highlight the point that empirical studies show that although lots of reforming measures for corporate governance had been taken, the reality is not guarantee the good corporate governance at all. In this sense, to parallel with direct regulation and mandate, it would be effective to use indirect regulation technique. This form of regulation can be imposed by stock exchanges in their listing requirements, not by provisions of corporation law. Generally this kind of technique is called as ‘soft rule’. This kind of rule could create more stricter standards of independent directors and board committees(for examples audit, compensation, nominating committees) with the aiming of making directors more genuine monitors of and watchdogs over executives.
참고문헌 (49)
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