Kyung-Hoon Chun, Analyses and Evaluations of the Amendment Bills on Korean Company Law, Journal of Business Administration & Law, Vol. 30 No. 1(2019), pp. 1–39.
<Abstract>
This paper summarizes and analyzes 45 bills submitted in the 20th National Assembly of Korea for the amendment of the corporation chapter of the Korean Commercial Code. Based on the review of the entire provisions of these bills, this paper dissembled and reorganized the components of these bills into a new structure under 6 broader topics and 25 specific issues. Cumulative voting, election of audit committee members, multiple derivative actions are some of the issues. Through such an endeavor, this paper contributes to a synthetic understanding of the ongoing debates on corporate law amendment in Korea. Further to such analysis, this paper attempts to answer a fundamental question: what are the reasons for the inundation of corporate law bills and the over-politicization of the corporate law in Korea? This paper identifies three factors: the importance of chaebol in Korean society, passivity of the judiciary, and the statute-oriented tendency among Korean legal scholars and legal professionals. Overwhelming amount of new bills requires a fair and wise coordination by the Ministry of Justice or other group of legal experts.
<Keywords>
amendment to the Korean Commercial Code corporate governance cumulative voting audit committee multiple derivative action political aspect of corporate law
Kyung-Hoon Chun, Analyses and Evaluations of the Amendment Bills on Korean Company Law, Journal of Business Administration & Law, Vol. 30 No. 1(2019), pp. 1–39.
<Abstract>
This paper summarizes and analyzes 45 bills submitted in the 20th National Assembly of Korea for the amendment of the corporation chapter of the Korean Commercial Code. Based on the review of the entire provisions of these bills, this paper dissembled and reorganized the components of these bills into a new structure under 6 broader topics and 25 specific issues. Cumulative voting, election of audit committee members, multiple derivative actions are some of the issues. Through such an endeavor, this paper contributes to a synthetic understanding of the ongoing debates on corporate law amendment in Korea. Further to such analysis, this paper attempts to answer a fundamental question: what are the reasons for the inundation of corporate law bills and the over-politicization of the corporate law in Korea? This paper identifies three factors: the importance of chaebol in Korean society, passivity of the judiciary, and the statute-oriented tendency among Korean legal scholars and legal professionals. Overwhelming amount of new bills requires a fair and wise coordination by the Ministry of Justice or other group of legal experts.
<Keywords>
amendment to the Korean Commercial Code corporate governance cumulative voting audit committee multiple derivative action political aspect of corporate law