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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)

72 Pages Posted: 6 Aug 2001  

Bernard S. Black

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

Barry Metzger

Coudert Brothers LLP - New York

Timothy O'Brien

Coudert Brothers LLP - Hong Kong Law Offices

Young Moo Shin

Shin & Kim

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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.

JEL Classification: G34, K22

Suggested Citation

Black, Bernard S. and Metzger, Barry 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). As published in The Journal of Corporation Law, Vol. 26, Vol. 3, pp. 536-608, Spring 2001. Available at SSRN: https://ssrn.com/abstract=279064

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

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)

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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