＂Golden Parachute＂ 계약의 적법성과 그 남용의 규제 ―미국 및 독일에서의 논의와 시사점을 중심으로―
Legality of the Golden Parachutes Agreement and the Regulation of its Abuse - Centering on the Discussion and Implications in the US and Germany -
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오늘날 국제적으로 기업지배구조의 개선이라는 명분으로 전통적인 임원보수의 규모가 지나치게 증가하는 현상에 대한 문제성이 지적되고 있다. 미국에서는 오래 전부터 Golden Parachute 계약에 의한 과다한 경영진 보상액의 추가적인 지급의 정당성을 둘러싸고 찬반의 견해가 극심하게 대립해 왔다. 미국의 법원은 이 계약의 적법성을 긍정하는 확고한 태도를 견지하고 있다. 반면에 독일의 주식법은 이사의 보상액은 이사의 책임과 회사의 형편을 고려하여 합리적인 관계에서 약정되어야 한다는 이른바 비례성 기준을 명시하고 있다. 그리고 2005년 12월 만네스만(Mannesman AG) 사건에서 독일 연방고등법원은 만네스만의 감사위원회가 거액의 골든 패러슈트 보상금을 약정한 데에 대하여 당시 감사위원회 위원들에게 형법상 유죄라는 판결을 내린 바 있다. 한편 골든 패러슈트는 그 자체의 위법성도 문제이지만, 실제로 남용되는 것을 방지하는 것이 더욱 중요하다. 미국에서는 과다한 퇴직보상금에 대하여 내국세법상 세금공제를 제한하거나 불허하고 있다. 그리고 증권거래법에서는 CEO 등 고위 경영진들의 연간 보수를 상세하게 공시하도록 하고 있다. 이 논문에서는 미국과 독일의 예를 기초로 하여 상법상 골든 패러슈트의 정당화의 논거와 적법성 기준에 관하여 분석한다. 우리나라 법체계하에서도 최근 들어 골든 패러슈트가 이용되고 있고 앞으로 더 증가할 전망이어서 그 남용이 우려된다. 이 논문에서는 상법, 세법 및 증권거래법 분야에서 그 남용을 억제하기 위한 방안을 제안하였다.
Abstract
Today, the excessive executive compensation, which is called a Golden Parachute , has been increasing in the name of the improvements of the corporate governance in the international corporate culture and practice. It is the result of entrenching a particular version of the shareholder value norm, associated with short-run share price maximisation. Irrespective of the pros and cons surrounding justifications of the Golden Parachute agreement, US courts have been upholding its legal validity in the most of the cases. Meanwhile, German Stock Corporation Act provides that the aggregate executive compensation shall bear a reasonable relationship to the duties of director and the condition of the corporation. By judgement of 21 December 2005, in the Mannesman case, the federal high court repealed the acquittals by the District Court and remanded the case for retrial in accordance with its legal rules. This legal remarks of the decision are vital for current German Law on executive compensation. The above issue is on the per se legality of the Golden Parachute agreements, but more important thing is to prevent the abuse of the excessive compensation. The US Internal Revenue Code regulates the excessive compensation by restraining or prohibiting the deductibility of the excessive compensation under the certain conditions, and SEC rules requires the corporation to disclose the annual pay and the individual details of the top 5 executives. The mandatory disclosure is believed to be able to effectively monitor abusing the compensation and to contribute to the reasonable investment in the securities market. In this paper, the justifications and the standards of the Golden Parachutes in the US and Germany are thoroughly analysed. Nowadays there has been rising some phenomenon to use the Golden Parachutes agreements in the Korean Listed Companies for defending the corporate control against the future hostile takeovers. This Paper suggests the legal standards to validity of the Golden Parachutes and concludes that some desirable legislative solutions to prevent the corporations from abusing excessive compensation agreements should be implemented to the Commercial Law, Tax Law and Securities Exchange Law, based on the US and German legal system.
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