[Culture : 정경영의 클래식 에세이 ①] 베토벤 탄생 250주년, 그가 만든 음악 세상

정경영 (주)매일경제신문사 2020 매경럭스맨 Vol.- No.118

주식회사 이사의 선관주의의무와 그 책임 - 최근 미국 회사법상 논의와의 비교법적 검토를 중심으로

정경영 성균관대학교 법학연구원 2016 성균관법학 Vol.28 No.4

The director of corporation has the duty of care to make decision or manage the corporation to the best interest of it. If a director breached this duty and incurred damage to the corporate, the negligent director would have liability for damages. From the perspective of ‘duty and liability structure’ in corporate law, the director’s duty of care is not only the guidance of management but also a reviewing criterion of director’s negligence. As for the duty of care as the guidance of management, it involves the observance of law and certificate of incorporation and diligence and the duty of good faith(under the belief to be the best interest of corporation). As for the duty of care as the criterion of negligence, it has the standards for directorial behavior that a person in the like position would reasonably believe appropriate under similar circumstances, which means the standards with characteristics of objectivity and relativity. If a director breached the law or behaved without the belief that his behavior is to the best interest of corporation, the director should have the liability for damages of corporation. The duty of loyalty addresses directors’ conflicts of interest and requires directors to put the corporations’s interests ahead of their own. Comparing the duty of care with the duty of loyalty, the former involves comprehensive efforts to the interest of corporation both positively and negatively. But the latter is premised on the conflict of interest between a corporation and a director and requires the director not to do something against the corporation’s interest, which means negative duty. And the duty of care encompasses the business judgement rule as a way to relieve the rigidity of the directors’ liability and it relates to the negligence of director who is responsible for the damage of corporation. 최근 금융회사의 지배구조에 관한 법률이 시행되어 주식회사의 지배구조 특히 이사선임에 관한 새로운 입법의 움직임이 나타났고, 글로벌금융위기 이후 이사의 보수에 대한 논의가 점증되고 있으며 이사의 감시의무에 관한 논의가 학설과 판례상 뜨겁다. 그런데 이들 입법과 논의의 대부분이 미국법에 그 연원을 두고 있는데다 우리 회사법상 이사의 선관주의의무가 무엇을 의미하는지 명확하게 이해되지 않아 이들 논의가 우리 회사법체계와 맞지 않는 경우도 없지 않다고 생각된다. 그리고 선관주의의무에 대한 이해부족은 충실의무의 해석에도 영항을 미칠 뿐만 아니라 실무에서 경영판단원칙의 적용범위에서도 문제점을 발생시키고 있다. 이 글은 미국법상 이사의 주의의무의 변화를 비교법적으로 분석하여 우리 회사법학에서 모호성 속에 방치되고 있는 선량한 관리자의 주의의무를 다시 끄집어내어 그 개념을 명확하게 하고 이를 통해 충실의무와의 관계를 다시 검토하고 경영판단의 원칙, 감시의무, 선의의무 등 회사법학에 새롭게 등장하는 개념들과의 관계 및 그 기능을 밝히고자 한다. 영리사단법인인 회사 특히 주식회사의 이사는 회사에 대하여 선관주의의무를 부담한다. 이사의 선관주의의무는 회사의 이익형성을 위해 노력할 의무로서 이를 위반한 경우 이사의 회사에 대한 손해배상책임이 성립한다. 즉 이사의 선관주의의무의 이행여부는 손해배상책임을 물음에 있어 행위자 즉 이사의 과실로 포섭된다. 이 때 이사의 과실을 판단하는 기준은 유사한 상황의 회사의 이사의 평균적 능력에 기준으로 판단하여 결정되는 성질 즉 추상성과 상대성(추상적·상대적 과실)을 고려한다. 따라서 이사의 의사결정, 결정된 의사의 집행, 감시의무의 이행 등에 있어 회사에 손해가 발생한 경우 이사에게 선관주의의무 위반에 따른 과실이 있는지 여부는 유사한 규모의 회사에 평균적 능력을 가진 이사를 기준으로 판단한다. 만일 이사가 이러한 능력에 미흡하게, 부족한 정보에 근거하여 중요한 결정을 하였다든지, 법령·정관에 위반하였다든지, 회사의 이익을 추구한다는 믿음 없이 행동하였을 경우에는 이사는 손해배상책임을 부담한다. 이사의 손해배상책임의 요인이 되는 선관주의의무는 이해상충이 전제된 경우에 이사가 회사의 이익을 추구하여야 하는 의무인 충실의무와는 구별된다. 물론 충실의무를 이해함에 있어서도 선관주의의무가 배제되지 않는다는 점에서 양자가 별개의 의무는 아니고 관련되지만 충실의무는 선관의무와 적용영역, 의무의 취지, 경영판단원칙과의 관계 등에서 구별되는 의무이다. 법원이 선관의주의무를 엄격하게 해석하여 이사의 책임을 물을 경우 이사의 행위가 위축되어 회사와 주주의 이익에 반하는 소극적 업무수행의 우려를 낮추기 위해 경영판단원칙의 도입의 필요성은 이해될 수 있다고 본다. 하지만 법률의 규정 없이 이를 선관주의의무를 중과실로 제한하거나 입증책임의 전환이 생기는 원칙으로 해석하는 것은 어렵고 원칙의 취지를 고려하여 사실상의 증명책임의 전환으로 이해하는 견해가 타당하다고 본다.

암호통화(cryptocurrency)의 본질과 스마트계약(smart contract)에 관한 연구

정경영 한국상사법학회 2018 商事法硏究 Vol.36 No.4

A cryptocurrency making a hot issue in financial circle is a digital information based on blockchain technology which is a kind of a cryptographed digital distributed ledger. Although there came a lot of voices of demanding to regulate the cryptocurrency being used as a speculation tools without any tax and also an instrument of making an illegal transaction anonymously, The cryptocurrency should be regulated on the basis of the lagal nature thereof. An endeavor to research on the legal nature of the cryptocurrency, hence, is neccessry to regulate it correctly and properly. Because a too rigid regulations or ristrictions on the use of cryptocurrency and other utilized forms without knowing the legal nature of it can interfere the development of cryptocurrency, blockchain technology and damage the technology neutrality doctrine. This paper is aiming at studying the function and essence of the cryptocurrency and examining a smart contract that is one of utilized form of the cryptocrurrency. A cryptocurrency seems to have a characteristic of a payment instrument or means for exchange of commodities which is referred from ‘currency’ in the terminology. But such an approach is challenged by the speculative nature of the cryptocurrency as many people invests money in lots of cryptocurrencies to get profit. The challanging opinions argue that a cryptocurrency is just investment object or commodities like golds and it should be taxed on. Examined the fuction of a cryptocurrency, it was created as a payment instrument but it doesn’t have a face value and is rather traded by the market price which is decided by the mechanism of demand and supply of it. But the fact that a cryptocurrency has no face value does not contradict with the nature of payment instrument thereof, as some coins has been traded by far more value than the face value when those currencies are coined just ralely less than other coins. In sum, the cryptocurrency has a legal nature of digital payment instrument but still has a tint of the nature of commodities or investment goods. A Smart Contract is based on the blockchain technology which means a distributed ledger system. Analysing the concept of a smart contract proposed diversely by many commentators, it can be defined as a computer code(program) supposed to be implemented automatically according to the contract based on a blockchain technology only after the triggering event which is exercising of the terms by the other party. As shown by The DAO case, the smart contract can create a digital asset and exchange it with cryptocurrency without relating to real world commodities. The legal nature of a smart contract is not a solicitation of offer but a kind of an offer of contract and it can be concluded into a contract in case of meeting an acceptance which means an implementation of a condition or term of a smart contract. As the researches and discussions on a smart contract are at a very starting point, we can not imagine the future of a smart contact, but it is closely connected with a blockchain technology or a cryptocurrency which is represented as Bitcoin or Ether and can influence on civil law and commercial law including corporate law in many ways. 최근 비트코인 가격의 급등락으로 사회적 관심을 끌고 있는 암호통화에 관해 규제의 목소리가 높다. 암호통화보다 가상화폐, 가상통화라는 용어가 더 많이 사용되지만 분산발행의 전자지급수단으로서의 실체에는 암호통화라는 용어가 더 적절하다고 본다. 암호통화거래는 분산원장(블록체인)기술을 활용하여 만든 암호통화라는 지급수단(또는 재화)을 사용·매매하는 거래이고, 암호통화를 활용하여 계약의 체결과정을 온라인구조화한 것이 스마트계약이다. 스마트계약 또는 암호통화거래에서 발생하는 사회적 문제들을 해소하기 위한 규제에는 이들 거래의 본질에 대한 이해가 반드시 선행되어야 한다. 암호통화(cryptocurrency)의 재화성(금융투자상품성)과 지급수단성(화폐성)에 관해 논란이 많고, 그 법적 성질에 따라 과세라든가 적용법률이 크게 달라지게 된다. 암호통화는 그 용어가 의미하는 바와 같이 지급수단의 일종임에도 불구하고 다른 통화나 지급수단과 달리 액면가(치)가 정해져 있지 않아 지급수단성에 의문이 제기된다. 오히려 암호통화는 급등락하는 거래소의 거래가에 의해 매매되고 있어 재화성이 더욱 돋보인다. 하지만 제한 발행된 주화와 같이 액면가(치)와 다르게 거래되는 통화도 존재할 수 있으므로 거래가에 따라 거래된다는 이유만으로 지급수단성을 부인할 수는 없다. 암호통화는 다른 재화와 같이 다른 용도가 일체 존재하지 않고 지급수단으로 기능을 하기 위해 탄생되었지만 제한공급, 익명성에 의해 시장에서 가수요가 발생하였고 그에 따라 가격이 급등락한 것에 지나지 않는다. 이렇게 볼 때 분산발행되어 일정한 네트워크 내에서의 전자지급수단인 암호통화의 법적 성질은 재화성(금융투자상품성)을 일부 가지는 전자지급수단으로 볼 수 있다. 스마트계약(smart contract)은 암호통화와 전자자산(digital asset)을 전제하여 설계자가 정한 일정한 조건이 성취될 경우 계약의 성립과 이행이 자동적으로 이뤄지게 하는 컴퓨터 프로그램(코드)이다. 스마트계약은 기존의 계약 개념과는 다른 계약체결·이행 프로그램으로서, 굳이 전통적 계약 개념에서 그 본질을 규명하면 청약의 의사표시에 유사한 것으로 이해할 수 있다. 따라서 거래상대방의 일정한 조건실행행위가 있으면 이는 승낙의 의사표시가 되어 계약이 체결될 뿐만 아니라 프로그램에 따라 암호통화, 전자자산의 이전이 자동으로 이뤄져 계약의 이행마저 완료된다. 스마트계약의 특성은 계약의 성립보다는 계약의 이행이 자동화되어 있다는 점에 있고 따라서 채무의 이행문제, 채무불이행에 따른 많은 법적 쟁점들이 생겨날 여지가 없게 된다는 점에 특징이 있다. 따라서 스마트계약은 사법학에 많은 새로운 시사점을 던지고 있으며 이는 민법은 물론 상법 특히 회사법제에도 마찬가지이다. 암호통화나 스마트계약 모두 블록체인기술에 바탕을 둔 제도로서 암호통화나 스마트계약의 본질에 대한 이해 위에서 이들 거래에서 발생한 사회적 문제점들을 해결하기 위한 규제가 논의되어야 한다. 현상적으로 생기는 문제들을 해결하기 위해 제4차 산업혁명의 핵심이라 할 수 있는 블록체인기술의 활용을 막는 것은 적절한 규제로 생각되지 않는다.

[정경영의 클래식 에세이 ②] 작곡가가 진짜 작곡가가 되는 순간 - 베토벤의 교향곡이 9곡뿐인 이유

정경영 (주)매일경제신문사 2020 매경럭스맨 Vol.- No.119

개심술시 Cell Saver 를 이용한 자가수혈의 효과

정경영 대한흉부심장혈관외과학회 1990 Journal of Chest Surgery (J Chest Surg) Vol.23 No.2

During a eight month period[from December, 1988 to July, 1989], a series of 35 adults undergoing redo-valve replacement or coronary artery bypass grafting was selected to an autotransfusion group[n=10] or a control group[n=25]. The Cell Saver System[Haemonetics Corp., Graintree, Mass] was employed for autotransfusion. With this system, all blood shed in the operative field before and after cardiopulmonary bypass and remained in cardiotomy reservoir after cardiopulmonary bypass was aspirated by means of a locally heparinized collecting system. After the salvaged blood was centrifuged, the resulting red cell concentrate subsequently reinfused. The patients receiving autologous blood required significantly less banked homologous blood than their controls[3213k1020 ml and 506051931 ml, respectively: p=0.001] There were no clinical infections in the autotransfusion group, although 40% of the cultures of processed blood were positive. And there was no apparent intergroup difference of the clinical and the hematologic and hemostatic laboratory findings. We conclude that autotransfusion using cell saver is effective for saving the homologous blood transfusion in cardiac surgery.

활로씨 사징증 환자에서 Blalock-Taussig 단락술후 폐동맥의 발달에 관한 연구

정경영 대한흉부심장혈관외과학회 1989 Journal of Chest Surgery (J Chest Surg) Vol.22 No.4

Primary intracardiac repair of tetralogy of Fallot with low mortality and early good results, has been accomplished in recent years. But palliative procedures have been reserved for those hypoplastic pulmonary arteries, a hypoplastic left ventricle or anomalies of the coronary artery would make total correction difficult. And the Blalock-Taussig shunt operation is recognized as a standard and popular palliative procedure. I undertook a retrospective determination of the effect of the Blalock-Taussig shunt operation on the development of the main pulmonary artery and the right and left pulmonary arteries. Between January, 1980, and April, 1987, at the Severance Hospital, 16 patients were studied by cardiac catheterization and angiocardiography, before undergoing Blalock-Taussig shunting procedures for the palliation of severe symptoms of tetralogy of Fallot, and some time later, usually prior to a second procedure. The mean interval between catheterizations was 22.25 months. Patients with tetralogy of Fallot and pulmonary atresia or with an occluded shunt were not included. The primary and secondary angiograms of each patient were reviewed, and measurements of the diameter of the main pulmonary artery, the right and left pulmonary arteries, and the descending thoracic aorta were taken. The results are as follows; 1. The hematocrit decreased from 56.39% to 50.34%[p< 0.05], and the arterial oxygen saturation increased from 62.00 % to 81.31 %[p< 0.001] following shunt procedures 2. The ratio of the diameter of the right pulmonary artery plus the left pulmonary artery to the diameter of the descending thoracic aorta increased 1.30 k 0.28 times [p< 0.01]; but the ratio of the diameter of the main pulmonary artery to the diameter of the descending thoracic aorta increased 1.10 * 0.33 times, which was not. significant[p< 0.05]. 3. The interval between shunting and second catheterization was not related to the magnitude of change in the pulmonary arteries[r=0.141, p >0.05]. 4. The changes in the ratio of the diameter of the right pulmonary artery plus the diameter of the left pulmonary artery to the diameter of the descending thoracic aorta was inversely related to the initial ratio[r=0.757, p >0.001], but the change in the ratio of the diameter of the main pulmonary artery to the descending thoracic aorta was not related[r=0.059, p >0.05]. 5. There were no differences in enlargement of the pulmonary artery on the side of the shunt [ipsilateral] versus enlargement on the opposite side [p >0.05], nor according to the size of the shunt[p >0.05]. In conclusion, this study suggests that the Blalock-Taussig shunt is effective for the development of the right and left pulmonary arteries but not effective for the main pulmonary artery.

유미흉 및 유미심낭의 치료

정경영 대한흉부심장혈관외과학회 1989 Journal of Chest Surgery (J Chest Surg) Vol.22 No.5

The development of chylothorax and chylopericardium are serious and often life-threatening clinical entity. The ideal treatment of these problems is not well established to date. We reviewed our experiences with chylothorax or chylopericardium in 16 patients [17 cases] from July 1979 to May 1989. Ages ranged from 20 days to 41 years. The etiologies were traumatic in 10, congenital or idiopathic in 5, and tuberculous lymphadenopathy in one. In 8 patients, the chylothorax or chylopericardium occurred as a complication of cardiothoracic surgery. Eleven patients were treated nonoperatively with either repeated thoracenteses or chest tube drainage. Five patients underwent operative treatment: transthoracic thoracic duct ligation [three patients], thoracic duct ligation combined with decortication [one], and oversewn the defect of mediastinal pleura[one]. Duration of preoperative therapy ranged from 18 to 38 days. One of eleven [9.1 %] patients treated nonoperatively died. Of the surgically treated group, there were no deaths. All patients except one dead cured or improved either treated nonoperatively or operatively. Our experience suggests that surgical management of the chylothorax or chylopericardium is not always required, and each patient must be judged individually according to disease process.

폐포충낭종의 수술치험 2

정경영 대한흉부심장혈관외과학회 1983 Journal of Chest Surgery (J Chest Surg) Vol.16 No.4

Hydatid cystic disease of the lung is rare in Korea. Recently, the authors encountered 2 patients with this disease who were treated surgically with a successful outcome in both. The first patient, a 27 year old housewife never traveled outside Korea and the second, 25 year old man had a history of spending a year in Kuwait. These 2 cases are the first documented cases of pulmonary hydatoidosis among Koreans reported in the literature.

심방 점액종 치험 16례 보

정경영 대한흉부심장혈관외과학회 1983 Journal of Chest Surgery (J Chest Surg) Vol.16 No.4

From July 1966 to July 1983, sixteen atrial myxomas in fifteen patients were seen at Severance Hospital. Fifteen of the sixteen myxomas were located in the left atrium and one in the right atrium. All the cases except three were correctly diagnosed preoperatively. Presently, M-mode and two-dimensional echocardiography are utilized as safe, reliable, and noninvasive imaging modalities. Echocardiography provided an accurate diagnosis in twelve cases since November 1977. In all cases, myxoma were excised successfully. On patient had reoperation and mitral valve replacement on postoperative first day due to persist mitral regurgitation after excision of left atrial myxoma. One patient had recurrence requiring reoperation 37 months after primary operation. Follow up results of each patient were excellent.

대동맥판 폐쇄부전이 동반된 심실중격 결손증 수술 치험 24례 보

정경영 대한흉부심장혈관외과학회 1983 Journal of Chest Surgery (J Chest Surg) Vol.16 No.4

Ventricular septal defect[VSD] associated with aortic regurgitation[AR] represents 2 to 7.5% of all VSD which is most common congenital heart disease. The aortic valve may by normal in infants with VSD, but the aortic regurgitation may be developed in these patients later. The aortic valve became fibrotic, thickened, deformed and prolapsed, so these late deformities require to be corrected with plication, valvuloplasty or aortic valve replacement [AVR]. There are some controversy between the early repair of VSD alone and the late repair of VSD and aortic valve till now. From December 1971 to August 1983, we had experienced 24 patients of VSD associated with AR which constitute 6.5% of our total patients with VSD. The VSD was subpulmoary [type I] in 14[58.3%], subcristal [type II] in 8[33.3%], atrioventricular canal type[type III] in 1, and combine of type I and II in 1. Patch repair of VSD was made in 15 patients and direct suture of small VSD in 9.14 patients had aortic plication of valvuloplasty and 9 had AVR accompanying VSD repair, and 1 patient had VSD closure alone. The postoperative courses of these patients were uneventful except in some cases. A patient who was undertaken AVR with Starr-Edwards ball valve and VSD closure, died due to left ventricular failure and low cardiac output syndrome. Follow up shows, in 14 patients with aortic plication or valvuloplasty, AR was developed in 9. In 9 AVR, there were two later complications which were paravalvular leakage in one and re-AVR due to subacute bacterial endocarditis in another.