Corporate Governance in Korea at the Millennium: Enhancing International Competitiveness (Final Report and Legal Reform Recommendations to the Ministry of Justice of the Republic of Korea)
Coudert Brothers LLP - New York
Bernard S. Black
Northwestern University - School of Law; Northwestern University - Kellogg School of Management; European Corporate Governance Institute (ECGI)
Coudert Brothers LLP - Hong Kong Law Offices
Young Moo Shin
Shin & Kim
As published in Journal of Corporation Law, Vol. 26, pp. 537-608, 2001
The core of this article is our May 2000 Report to the Ministry of Justice of the Republic of Korea. The Report reviews South Korea's corporate governance system and recommends legal reforms to improve Korean corporate governance and protect against a repeat of Korea's governance-related financial crisis of 1997-1998. The Report's principal recommendations include enhancing the role of public company boards of directors, strengthening independent director and non-interested shareholder review of related party transactions, and requiring cumulative voting and preemptive rights for public companies. The Introduction by Bernard Black that precedes the Report discusses the ongoing transition in Korean corporate governance, and the political and economic forces behind that transition.
Note: This paper is identical to the article as published in the Journal of Corporation Law. The published article is available, without the Stanford Law and Economics cover page, at http://papers.ssrn.com/abstract=279064
Number of Pages in PDF File: 73
JEL Classification: G34, K22Accepted Paper Series
Date posted: June 16, 2000
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