금융지주회사 지배구조 개선방향: ‘금융그룹’의 시각을 중심으로
Improving the corporate governance of financial holding companies in the context of corporate groups in financial sector
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본 논문에서는 금융지주회사를 금융그룹의 하나의 특수한 형태로 파악하여 지배구조 개선 문제를 살펴본다. 금융그룹 지배구조의 문제를 ‘기업집단’이라는 조직상의 접근과 ‘금융’산업이라는 산업적인 접근을 통해서 파악할 때 금융그룹의 지배구조문제는 다층의 채권자 및 소액주주 등 이해관계자의 권리가 침해되기 쉬우며, 내적인 견제장치와 감독당국의 역할이 매우 중요한 것이 특징이라고 할 수 있다. 선진국에서 이러한 문제점을 해결하기 위하여 다양한 방안을 시행하고 있는데 우리나라도 이러한 제도적 기반을 마련할 필요가 있다. 금융지주회사를 포함한 우리나라 금융그룹의 지배구조를 개선하기 위하여 유럽식의 기업집단법 제정 등의 기업집단 일반에 적용할 수 있는 이해관계자의 보호장치 마련, 금융그룹에 대한 통합 감독 강화, 그리고 서브프라임 사태 이후 주목받고 있는 금융회사 이사회 및 내부견제장치의 개선 등을 고려할 필요가 있다.
Abstract
The new and dominant corporate form in the Korean financial sector is a financial holding company. But we also find that financial holding companies are the main corporate forms only in the banking sector and that subsidiaries in the conglomerate groups are still dominant corporate forms in other financial sectors. In this article we investigate the corporate governance of financial holding companies and other financial groups in the context not only of corporate forms(group company) and but also of financial industry specialness. In the corporate governance of ‘corporate groups’ multiple conflicts of interest may arise and the interests of minority shareholders might be engendered. In the corporate governance of ‘financial companies’ outside pressure such as takeover threat is weaker than those in other industrial sectors and the role of regulators and supervisors is more important. To ameliorate these corporate governance problems in corporate groups and companies in the financial sectors, several measures have been taken in other advanced countries. In Korea, to improve the corporate governance of financial groups including financial holding companies and financial subsidiaries in the conglomerates, we must consider following measures such as legislation of the German style corporate group law to protect the interests of minority shareholders, investors and other creditors in corporate groups and introduction of consolidated supervision of financial groups such as the European financial conglomerate directive. The role of board of directors and internal control system should also be strengthened.
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