금융지주회사 지배구조 개선방향: "금융그룹"의 시각을 중심으로 = Improving the corporate governance of financial holding companies in the context of corporate groups in financial sector

국문 초록 (Abstract)

본 논문에서는 금융지주회사를 금융그룹의 하나의 특수한 형태로 파악하여 지배구 조 개선 문제를 살펴본다. 금융그룹 지배구조의 문제를 ``기업집단``이라는 조직상의 접근과 ``금융``산업이라는 산업적인 접근을 통해서 파악할 때 금융그룹의 지배구조문 제는 다층의 채권자 및 소액주주 등 이해관계자의 권리가 침해되기 쉬우며, 내적인 견제장치와 감독당국의 역할이 매우 중요한 것이 특징이라고 할 수 있다. 선진국에서 이러한 문제점을 해결하기 위하여 다양한 방안을 시행하고 있는데 우리나라도 이러 한 제도적 기반을 마련할 필요가 있다. 금융지주회사를 포함한 우리나라 금융그룹의 지배구조를 개선하기 위하여 유럽식의 기업집단법 제정 등의 기업집단 일반에 적용 할 수 있는 이해관계자의 보호장치 마련, 금융그룹에 대한 통합 감독 강화, 그리고 서브프라임 사태 이후 주목받고 있는 금융회사 이사회 및 내부견제장치의 개선 등을 고려할 필요가 있다.

다국어 초록 (Multilingual Abstract)

The new and dominant corporate form in the Korean financial sector is a financial holding company. But we also find that financial holding companies are the main corporate forms only in the banking sector and that subsidiaries in the conglomerate groups are still dominant corporate forms in other financial sectors. In this article we investigate the corporate governance of financial holding companies and other financial groups in the context not only of corporate forms(group company) and but also of financial industry specialness. In the corporate governance of ``corporate groups`` multiple conflicts of interest may arise and the interests of minority shareholders might be engendered. In the corporate governance of ``financial companies`` outside pressure such as takeover threat is weaker than those in other industrial sectors and the role of regulators and supervisors is more important. To ameliorate these corporate governance problems in corporate groups and companies in the financial sectors, several measures have been taken in other advanced countries. In Korea, to improve the corporate governance of financial groups including financial holding companies and financial subsidiaries in the conglomerates, we must consider following measures such as legislation of the German style corporate group law to protect the interests of minority shareholders, investors and other creditors in corporate groups and introduction of consolidated supervision of financial groups such as the European financial conglomerate directive. The role of board of directors and internal control system should also be strengthened.

참고문헌 (Reference)

1 김대규, "지배회사주주의 이중대표소송" 2005

2 한국금융연구원, "미국 금융개혁법의 주요 내용 및 향후 정책방향" 2011

3 한국금융연구원, "금융회사의 지배구조 개선 기본방향" 2010

4 이시연, "금융회사 지배구조의 개선 방향 (2011.2.26)" 금융포커스, 한국금융연구원 2011

5 한국기업지배구조원, "금융회사 지배구조 개선방안 연구" CGS 2010

6 이건범, "금융지주회사의 효율적 운용을 위한 제도개선 방안 연구" 한국금융연구원. 2006

7 서정호, "금융지주회사 소속 은행에 대한 경영감시기능 제고방안 (2010.12.4)" 금융포커스, 한국금융연구원 2010

8 한국금융연구원, "금융안정 분담금(은행세) 도입과 정책방향" 2011

9 김자봉, "금융그룹의 매트릭스 조직에 관한 연구" 한국금융연구원 2010

10 송옥렬, "금융그룹에서 법인격과 자기자본규제의 의미" 한국금융연구원. 2010

11 백정웅, "금융그룹 계열사간 위험전이 방지를 위한 법제도 연구" 예금보험공사 8 (8): 79-139, 2007

12 이건범, "글로벌 금융위기와 금융부문의 개혁 in 글로벌 경제위기와 새로운 경제패러다임의 모색" 도서출판 한울 2010

13 Bair, Sheila, "We must resolve to end too big to fail" Federal Reserve Bank of Chicago 2011

14 Irujo, Jose Miguel Embid, "Trends and Realities in the Law of Corporate Groups" 6 : 65-91, 2005

15 Matheson, John, "The Modern Law of Corporate Groups: An Empirical Study of Piercing the Corporate Veil in the Parent-Subsidiary Context" 87 : 2009

16 Macey, Jonathan, "The Corporate Governance of Banks" 2003

17 Blumberg, Peter, "The American Law of Corporate Groups"

18 Joint Forum, "Supervision of Financial Conglomerates: Capital Adequacy Principles"

19 Schneider, UWE H, "Shareholder Rights in Holding Companies and Subsidiaries" 2004

20 김병덕, "SIFI에 향후 규제 전망과 대응방안 (2011.2.5)" 금융포커스, 한국금융연구원 2011

21 Senior Supervisors Group, "Risk Management Lessons from the Global Banking Crisis of 2008"

22 Financial Stability Board, "Reducing the moral hazard posed by systemically important financial institutions: FSB Recommendation and Time Lines"

23 Hommerlhoff, Peter, "Protection of Minority Shareholders, Investors and Creditors in Corporate Groups: the Strengths and Weaknesses of German Corporate Group Law" 2 : 61-80, 2001

24 European Commission, "Proposal for a Directive of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC and 2006/48/EC as regards the supplementary supervision of financial entities in a financial conglomerate"

25 Financial Stability Board, "Progress in the Implementation of the G20 Recommendations for Strengthening Financial Stability"

26 Basel Committee on Banking Supervision, "Principles for enhancing corporate governance"

27 OECD, "Options for Obtaining Beneficial Ownership and Control Information"

28 Senior Supervisors Group, "Observations on Risk Management Practices during the Recent Market Turbulence"

29 OECD, "OECD Guidelines on Corporate Governance of State-owned Enterprises"

30 Muschlinski, Peter, "Multinational Enterprises and the Law" Oxford

31 Commission of the European Communities, "Modernising Company Law and the Enhancing Corporate Governance in the European Union-a Plan to Move Forward: Communication from the Commission to the Council and the european Parliament"

32 Walter, Ingo, "Mergers and Acquisitions in Banking and Finance: What Works, What Fails, and Why" Oxford University Press 2004

33 Zumbansen, Peer, "Liability within Corporate Groups(Bremer Vulkan)-Federal Court of Justice Attempts the Overhaul" 2002

34 Antunes, Jose Engracia, "Liability of Corporate Groups: Autonomy and Control in Parent-Subsidiary Relationships in the US, Germany and EU Law" An International and Company Perspective: Kluwer Law and Taxation Publishers 1994

35 Strasser, Kurt, "Legal Form and Economic Substance of Enterprises Groups: Implications for Legal Policy" 1 (1): 4-, 2011

36 Adams, Renee, "Is Corporate Governance Different For Bank Holding Companies" 2003

37 Independent Commission on Banking, "Interim Report: Consultation on Reform Options"

38 Financial Stability Board, "Intensity and Effectiveness of SIFI Supervision: Recommendations for enhanced supervision"

39 FSB, "Guidance to Assess the Systemic Importance of Financial Institutions, Markets and Instruments: Initial Consideration"

40 Fukao, M, "Financial Sector Profitability and Double-Gearing" NBER 2002

41 Wymeersch, Eddy, "Financial Institutions as Members of Company Groups in the Law of the European Unions" 2 : 81-99, 2001

42 Basel Committee on Banking Supervision, "Enhancing corporate governance for banking organizations"

43 Demirguc Kunt, Asli, "Do We Need Big Banks? Evidence on Performance, Strategy and Market Discipline" World Bank 2011

44 Haar, Brigitte, "Corporate Group Law in Encyclopaedia of European Private Law" Oxford University Press 2011

45 OECD, "Corporate Governance, A Survey of OECD Countries"

46 Kanda, Hideki, "Corporate Governance in the Context of Corporate Groups: A Perspective of Corporate Law and Securities Regulation" 2004

47 OECD, "Corporate Governance and the Financial Crisis: Conclusions and emerging practices to enhance implementation of the Principles"

48 Kirkpatrick, Grant, "Corporate Governance and company groups: considerations from the OECD Principles" 2004

49 Alexander, K, "Corporate Governance and Banking Regulation: the regulator as stakeholder" Judge Institute of Management

50 McCahery, Joseph, "Corporate Control and Accountability: Changing Structure and the Dynamics of Regulation" Clarendon Press Oxford 1993

51 Kali, R, "Business Groups, the Financial Market and Modernization" 11 (11): 2003

52 Blumberg, P, "Blumberg on Corporate Groups" Aspen 2005

53 European Commission, "Accompanying document to the proposal for a directive of the european Parliament and of the council amending Directives 98/78/EC, 2002/ 87/EC and 2006/48/EC as regards the supplementary supervision of financial entities in a financial conglomerate"