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게시판
게시판
게시판
Regulating Controlling Shareholders
작성자 최고관리자
작성일 12-10-31 10:40
첨부파일   No 7.pdf (132.7K) [34] DATE : 2012-10-31 10:40:58
상세내용
 
Korean Commercial Code (“KCC”) regulates controlling shareholders in several ways. They can be deemed directors owing fiduciary duty to the company. They cannot exercise their voting rights in full for electing statutory auditors. They are not qualified for outside directors. They cannot enter into certain transactions with the company. Certain transactions are subject to the Board review and approval. Those provisions are largely to prevent controlling shareholders from privatizing control in disfavor of minority shareholders and creditors.
In addition to the KCC, regulatory statutes for specific industries such as finance have become more extensive and increased direct control over controlling shareholders. These provisions are largely from the concern over the possible devastating damages to the public in general. This memorandum is a summary of these statutes and new proposals.