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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)

73 Pages Posted: 16 Jun 2000  

Barry Metzger

Coudert Brothers LLP - New York

Bernard S. Black

Northwestern University - Pritzker School of Law; Northwestern University - Kellogg School of Management; European Corporate Governance Institute (ECGI)

Timothy O'Brien

Coudert Brothers LLP - Hong Kong Law Offices

Young Moo Shin

Shin & Kim

Multiple version iconThere are 2 versions of this paper

Date Written: May 2000

Abstract

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

JEL Classification: G34, K22

Suggested Citation

Metzger, Barry and Black, Bernard S. and O'Brien, Timothy and Shin, Young Moo, 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) (May 2000). As published in Journal of Corporation Law, Vol. 26, pp. 537-608, 2001. Available at SSRN: https://ssrn.com/abstract=222491 or http://dx.doi.org/10.2139/ssrn.222491

Barry Metzger

Coudert Brothers LLP - New York ( email )

1114 Avenue of the Americas
New York, NY 10036
United States
(212) 626-4812 (Phone)
(212) 626-4120 (Fax)

Bernard S. Black (Contact Author)

Northwestern University - Pritzker School of Law ( email )

375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-2784 (Phone)

Northwestern University - Kellogg School of Management

2001 Sheridan Road
Evanston, IL 60208
United States
847-491-5049 (Phone)

European Corporate Governance Institute (ECGI)

Brussels
Belgium

Timothy O'Brien

Coudert Brothers LLP - Hong Kong Law Offices ( email )

Gloucester Tower, 39/F
11 Pedder Street
Hong Kong
China
(852) 2218-9100 (Phone)
(852) 2868-1417 (Fax)

Young Moo Shin

Shin & Kim ( email )

Samdo Building, 4/F
1-170 Soonhwa-dong
Chung-ku, Seoul 100-130
Republic of Korea
(822) 316-4114/316-4200 (Phone)
(822) 756-6226/756-0900 (Fax)

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