금호아시아나그룹과 지주회사체제
Kumhoasiana Group and the Holding Company System
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The holding company system has been strongly recommended as a new corporate governance by the Korean governments since early 1999 when chaebol, or family-owned business group, restructuring programs were fully under way after the 1997 financial crisis. Until May 2010, a total of 10 major groups adopted the new system: LG (4th largest group as of April 2010; transformed into the system in 2001), STX (14th, 2004), GS (7th, 2004), Kumhoasiana (9th, 2007), SK (3rd, 2007), Hanjin Heavy Industries & Construction (29th, 2007), CJ (18th, 2007), LS(15th, 2008), Doosan (12th, 2009), and Hanjin (10th, 2009). The present paper focuses on the case of Kumhoasiana group and examines the ways in which the group has been transformed into a holding company system and what implications the case has for Korean chaebols as a whole. Kumhoasiana group was transformed into a holding company system in January 2007 when Kumho Industrial Co. Ltd. was recognized as a holding company in accordance with Fair Trade Act. Kumho Industrial Co. Ltd. and its largest shareholder Kumho Petrochemical Co. Ltd. have long been two key companies in the group, acting as de facto holding companies. Kumho Petrochemical Co. Ltd. itself was governed by the founding Park family. In June 2009, Kumho Industrial Co. Ltd. was excluded from the Fair Trade Act's list of holding companies as it was not legally qualified for the status. Nevertheless, Kumho Industrial Co. Ltd. has since continued to act as a de facto holding company and, it is expected, may presumably again become qualified for a legal holding company in near future. The paper first introduces how Kumhoasiana group has been transformed into a holding company system since 2007 (Chapter 2). Then, the paper analyses in depth how ownership (Chapter 3) and management (Chapter 4) have changed before and after the group adopted the new system.
Abstract
The holding company system has been strongly recommended as a new corporate governance by the Korean governments since early 1999 when chaebol, or family-owned business group, restructuring programs were fully under way after the 1997 financial crisis. Until May 2010, a total of 10 major groups adopted the new system: LG (4th largest group as of April 2010; transformed into the system in 2001), STX (14th, 2004), GS (7th, 2004), Kumhoasiana (9th, 2007), SK (3rd, 2007), Hanjin Heavy Industries & Construction (29th, 2007), CJ (18th, 2007), LS(15th, 2008), Doosan (12th, 2009), and Hanjin (10th, 2009). The present paper focuses on the case of Kumhoasiana group and examines the ways in which the group has been transformed into a holding company system and what implications the case has for Korean chaebols as a whole. Kumhoasiana group was transformed into a holding company system in January 2007 when Kumho Industrial Co. Ltd. was recognized as a holding company in accordance with Fair Trade Act. Kumho Industrial Co. Ltd. and its largest shareholder Kumho Petrochemical Co. Ltd. have long been two key companies in the group, acting as de facto holding companies. Kumho Petrochemical Co. Ltd. itself was governed by the founding Park family. In June 2009, Kumho Industrial Co. Ltd. was excluded from the Fair Trade Act's list of holding companies as it was not legally qualified for the status. Nevertheless, Kumho Industrial Co. Ltd. has since continued to act as a de facto holding company and, it is expected, may presumably again become qualified for a legal holding company in near future. The paper first introduces how Kumhoasiana group has been transformed into a holding company system since 2007 (Chapter 2). Then, the paper analyses in depth how ownership (Chapter 3) and management (Chapter 4) have changed before and after the group adopted the new system.
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