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A Study on Independence of Outside-Directors in Korean Corporation Law
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사외이사의 독립성에 관한 연구

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Type
Academic journal
Author
Chung Byung Duck (한림대학교)
Journal
The Korean Academy of Business Law 경영법률 경영법률 제27권 제4호 KCI Accredited Journals
Published
2017.7
Pages
131 - 160 (30page)

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A Study on Independence of Outside-Directors in Korean Corporation Law
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Abstract· Keywords

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With the 1997 financial crisis, the outside directors system was introduced in Korea. The outside directors system was introduced to secure transparency of large corporations. It is well known that the dominance structure of Korean companies is dominated by the owner system, that is, the controlling shareholder exercises all the management rights of the enterprise. The outside directors system is designed to improve the situation and ensure the transparency of corporate management. Many efforts have been made to improve the regulations on outside directors in company law. Nevertheless, the perception of outside directors is still negative, most notably because outside directors do not have independence. This paper suggests an alternative for independence of outside directors in this situation. As regards the independence of outside directors, it first proposed to change the name of outside directors to independent directors. Secondly, I propose diversification and detailed disclosure of candidates for outside directors. Finally, I have proposed a major revision of the reason for disqualification of outside directors(= Independent Test) in this paper. Above all, I pointed out that the awareness of outside directors and the change of corporate perception about outside directors system are important.

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