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amendment of korean corporate law

Asian Journal of Comparative Law (1)

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Impending Amendments to Korean Corporate Laws in 2009: A Mystic Mix
Young-Cheol K. Jeong
Journal:

Asian Journal of Comparative Law / Volume 4 / 2009

Published online by Cambridge University Press:

16 April 2015, pp. 1-34
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The corporate law reform initiatives proposed by the Korean government in 2008 are still pending before the National Assembly. While the Korean government was sympathetic to the arguments by business interests for liberal rules conducive to business organization, these demands have to be weighed against the desire for good corporate governance norms that promote accountability and transparency. Such a tension has unfortunately resulted in internal contradictions and uncertainties in the context of Korea. This article points out the uncertainties that the reform initiatives have left unresolved and the potential for their resolution by the judiciary. More fundamentally, the author argues that, in order to resolve the issues currently left unanswered, there is a need to address the debates regarding the theoretical foundations of the corporation.