주식회사에 있어서 집행임원제도의 도입과 그 과제

Abstract

Introduction of the Statutory Executive Officer System into the Korean Corporate Law In 2006, the Ministry of Justice formed a commission for amending the Korean corporate law portion of the Korean Commercial Code in order to strengthen the competitiveness of Korean companies in international markets by establishing effective forms of corporate governance and market-oriented discipline. Following the 1997 financial crisis, Korea underwent dramatic changes of its corporate governance framework, which led to more transparent and accountable companies. Among the most important changes in the draft bill of 2006 are the introduction of an outside director system, a statutory executive officer system, the concept of "double" derivative lawsuits, the adoption of electronic voting systems at shareholder meetings, the abolition of minimum capital requirements, the introduction of no-par stock, the abolition of a ceiling on corporate bond issues, and the introduction of limited partnerships and limited liability companies. This Article reviews the statutory executive officer system, in which the board of directors selects executive officers. Executive officers will have the power to determine and implement tasks, while the board of directors would be in charge of supervision. The measure is aimed at legally regulating unregistered executives. Businesses are negative about the measure, saying it can impede speedy decision making. The draft bill leaves it up to each company whether or not to introduce the system. The planned introduction of the executive officer system would transform the corporate structure in Korea by enhancing corporate governance and business practices.