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도드-프랭크법 비리제보제도와 기업 준법문화 정립

Impact of Dodd-Frank Act Whistleblower Program on Building a Corporate Culture of Compliance

Eunice K. Kim
한국증권법학회 (Korea Securities Law Association)|2015.08|증권법연구 (The Korean Journal of Securities Law)|제16권 제2호|pp. 203-238|DOI 10.17785/kjsl.2015.16.2.203

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내부고발도드-프랭크법Whistleblowing기업의 준법문화비리제보Dodd-Frank Act Whistleblower ProgramCompliance Culture
주제분류법학

초록

준법문화(Compliance Culture)는 기업의 존립과 지속 성장에 매우 중요한 하부구조(infrastructure)이다. 2011년 도드-프랭크법 시행 이전에도 미국 관계당국은 준법문화의 중요성을 인식하고 이를 적극 장려하였다. 증권거래위원회(‘SEC’)와 연방검찰은 기업이 준법문화를 제대로 구축하여야만 기업의 준법프로그램(compliance Program)이 제대로 작동할 수 있다는 판단하에 감독당국이 기업을 검사하거나 연방검찰이 기소 여부를 결정할 때 해당 기업의 준법문화 구축 여부 등을 주요 점검 고려사항으로 삼았다. 또한 SEC는 비리제보제도 강화를 통하여 금융기관의 위법행위를 효과적으로 예방⋅제재하고자 하였다. 그러나 관계당국의 노력에도 불구하고 명실상부한 기업의 준법문화 구축의 성과는 제한적이었다. 이러한 상황에서 2011년부터 시행된 도드-프랭크법에 의거한 비리제보제도(‘DFA 비리제보제도’)는 미국 기업들의 준법문화 조성에 큰 변화를 가져올 것으로 기대된다. 기업의 임직원도 내부에 사전 보고할 의무 없이 SEC로 직접 제보할 수 있게 되고, SEC의 환수금의 10~30%를 포상금으로 영수할 수 있기 때문에 내부제보를 거치지 않는 SEC 직접제보가 성행할 개연성이 커졌다. DFA 비리제보제도의 시행으로 기업내부 비리⋅불법행위가 감독기관에 먼저 제보될 가능성 크고, 이러한 경우 기업은 매우 불리한 입장에 처할 수 있기 때문에 최고경영진은 임직원이 기업내부의 불법⋅비리 등을 SEC에 제보하기에 앞서 경영진에게 미리 제보하도록 유도해야 할 필요성이 커졌다. 본 논문은 사전 내부보고 없이 SEC에게로 직접 제보가 가능토록 하는 DFA 비리제보제도 시행이 기업의 준법문화 조성에 미치는 영향에 대한 탐구이다. 우선 DFA 비리제보제도의 도입 배경과 주요 내용을 알아보고, 이 제도가 허용하는 SEC로의 직접 제보가 기업에 미치는 파급 영향을 살펴본다. 임직원들이 SEC에 제보하기 이전에 사전 내부보고를 유도하기 위하여 취할 수 있는 대응책이 무엇인지 분석하고 종국적으로 기업의 준법문화 조성에 미치는 영향을 살펴본다. DFA 비리제보제도가 기업으로 하여금 명실상부한 준법문화 구축의 필요성을 절감하게 함으로써 기업의 위법⋅비리행위를 효과적으로 억제하는 방향으로 작용할 것이라고 결론을 맺는다. 아울러 우리나라에 대한 시사점도 덧붙였다.

Abstract

Building and maintaining a culture of compliance is a prerequisite to the success and sustainable growth of any organization. The SEC and the Department of Justice have long understood this and have taken various measures to encourage corporations to establish robust culture of compliance. The SEC scrutinizes corporate culture when it inspects and examines listed companies and financial services companies. In the same vein, the Department of Justice takes into consideration a company’s culture when determining whether to prosecute the company for criminal wrongdoing. In the past 20 years, several laws were passed that required companies to implement strict internal control measures, including whistleblowing programs that were designed to induce whistleblowing and protect whistleblowers, with a view to preventing and detecting violations. However, these measures fell short of inducing the companies to take steps to build a culture of compliance in earnest. However, the whistleblower program contemplated by the Dodd-Frank Act(“DFA Whistleblower Program”), a sweeping legislation that was passed in response to the sub-prime financial crisis of 2007, may finally have just the right recipe to motivate corporations to work on building a culture of compliance. The DFA Whistleblower Program allows employees to report violations directly to the SEC without making a prior report to the company management. If the tip provided by a whistleblower leads to successful enforcement, the DFA Whistleblower Program rewards the whistleblower a bounty in the amount of 10-30% of the amount recovered by the SEC. The consequence of the DFA Whistleblower Program is that corporations must devise a mechanism to induce the employees to report internally before reporting to the SEC in order to avoid being blind-sided by the SEC. This paper examines the impact the DFA Whistleblower Program has had on management efforts to persuade potential whistleblowers to report internally first and analyzes why establishing a culture of compliance is the most effective way to achieve this objective.

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