초록 열기/닫기 버튼
In this case the main issue is weather directors who did not recognize the fraudulent accounts by other directors breached the duty of director's oversight. The Supreme Court emphasized, as in the cases of the Delaware Supreme Court, the duty to establish an information and report system in a publicly held corporation. The Supreme Court ruled that the director's duty of oversight might vary with the corporate scale, organization, type of business, regulation, business conditions and financial standing, and in a highly divided and specialized corporation every director has the duty to build a rational information and report system and internal control system and to monitor their operation. The Supreme Court also held that the standards to decide the breech of oversight duty are sustained or systematic failure of the board to exercise oversight and intentional dereliction of duty as in the cases of the Delaware Supreme Court. But according to the fiduciary duty system in Korean corporation law director's duty of oversight belongs to duty of care and the standard to decide the breach of duty of care is negligence. Although it is characteristic that the convergence in corporate governance prevails word wide especially in directors fiduciary duty, the Supreme Court did not mentioned it in this case. I expect the Supreme Court to clarify this issue.
키워드열기/닫기 버튼
director's duty of oversight, intentional dereliction of duty, a sustained or systematic failure of the board to exercise oversight, information and report systems, internal control
