지방자치와 기업의 지역전략 : 포항제철(광양제철소)의 사례를 중심으로 A Case Study of Kwangyang Steel Works(KSW)

염미경 전남대학교 지역개발연구소 1996 지역개발연구 Vol.28 No.1

By examining KWS's community strategy and its changes with the enforcement of local autonomy, this paper aims to explain the changes of political-social environment(that is, local assembly election) effects on firm's community strategy. Major findings are as follows. First, a region has become not only the object of adaptation but also the object of control from a firm's perspective. Since the enforcement of local autonomy, large corporations attempted new adaptation in this changed regional environment by making plans for economic, social-cultural investments in a region. Furthermore, large corporations participated more actively and positively in the local elections. Second, the features of KSW's community strategy are summarized as follows. KSW's community strategy can be divided into a social-cultural strategy involving community cooperation activities and a political participation strategy involving direct engagement in the local politics, sending a POSCO(KSW) person to a local assembling for instance. KSW has carried out community activities since the time the corporation was established, by enhancing corporation image for the community and by absorbing cultural desires of the community, through various community-related activities. KSW also has emphasized the community intimacy strategy since the enforcement of local autonomy. Moreover, KSW set an example of participation of a large corporation in local politics, by participating in the 1991 and 1995 local elections. Thus, large corporations in Korea has now begun affecting local politics more and more, directly by participating in local elections on the one hand, and indirectly by utilizing the influences of cooperative firms and local elites in the region on the other hand. It can be said that the capital in Korea has begun influencing the political dimension directly as well as the economic dimension.

미국법상 임원보수 규제에 관한 검토

염미경 한국외국어대학교 법학연구소 2015 외법논집 Vol.39 No.4

Regulatory reforms introduced by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 in the area of executive compensation are aimed to align executive compensation with performance and to reduce the gap between executive compensation and employ compensation. Owing to the rule on shareholder say on pay, there are more communications between management and shareholders to get the support of shareholders, but the rare rejection of a pay package can have little consequence, since shareholder vote do not bind the board of directors. There are concerns that Pay Ratio Disclosure Rule needs to much compliance cost and that Pay versus Performance Disclosure Proposal do not respect the choice of companies since TSR is the only index for the performance. The application of clawback to foreign private issuers may creative incentives for these companies to delist from U.S. Exchanges and there are also worries that companies may reduce the performance based compensation and increase fixed salary to avoid clawback. This article suggests that the regulations on executive compensation in Korea should be planed not to be counteractive and not to reduce the competitiveness of companies and capital market. 자본시장법이 개정되어 상장회사 등기임원의 개인별 보수와 보수를 산정하는 기준을 공시하게 되었다. 임원보수의 적정성에 대한 규제는 임원 개인별 보수의 액, 보수와 성과의 연동성, 임원보수와 종업원보수의 격차 등 세 가지 측면에서 논의할 수 있으나, 가장 핵심이 되는 사항은 보수와 성과의 연관성이다. 도드-프랭크법이 보수와 성과의 연동성에 주목하여 임원보수와 기업성과의 연동성을 계량적으로 공시하게 한 것은 단일한 성과지표의 선정에 따른 비판과 우려에도 불구하고 보수규제에 있어서 의미하는 바가 크다. 향후 성과에 연동하는 보수의 비중이 늘어나고, 임원보수와 종업원보수의 격차가 심화되면, 임원보수환수제도 및 임원보수와 종업원보수 비율에 대한 공시제도의 도입도 검토할 필요가 있겠으나, 과도한 규제는 기업의 비용과 부담을 증가시켜 경쟁력을 저하시키는 요인이 될 수 있음을 고려해야 할 것이다. 최근미국법상 도입된 규정에 대한 검토 과정에서 나타난 바와 같이, 보수의 적정성을 위한 규제를 설계할 때에는 강화된 규제가 오히려 규제의 목적을 훼손할 우려가 있는지를 사전에 철저히 검토할 필요가 있다.

계약에 의한 주식양도제한의 효력

염미경 한국경영법률학회 2009 經營法律 Vol.19 No.3

Shareholders in closely held corporations can make contract restricting each other's ability to sell or otherwise transfer stocks. There are several motivations for such restrictions but the most important one is harmonious management of the corporation. Such restrictions are occasionally adopted by public-issue corporations to somewhat different purpose, for example they may be used to restrict the ownership of one class of share to given group such as employees. The question of the validity of the contracts restricting share transfer is confused by the fact that the shares have both contractual and property aspects. Thus the validity of the contracts depends on the fact weather they are resonable, that is weather they do not prevent the potential collection of invested capital. The type of restraint employed is the most important factor in determining the validity of the contracts restricting share transfer. First options, right of first refusal, and buy-sell agreements are more likely to be considered resonable as they do not prevent the transfer of share but alter the transferees and the prices. But if the prices is significantly under the fair value of the share and they do not reflect the capital gain, the contracts restricting share transfer would be invalid. Courts are hostile to consent agreements in the fear that they could prevent the transfer of shares. An absolute restraints on alienation would be unreasonable and therefore void. On the other hand absolute restraints have been upheld where they are to last only for a limited period in the U. S. But Korean Supreme Court denied the validity of the contract which restrained the share transfer for 5 years because it would prevent the transfer of share unreasonably. The contract restricting share transfer come into effect only between the parties. Thus it would be desirable to respect the agreements that restrict share transfer between the parties as long as it do not prevent collection of invested capital.

株式買受選擇權에 관한 法的 規制方向과 問題點에 대한 檢討

廉美京 한국경영법률학회 2003 經營法律 Vol.13 No.1

The Korean Securities Exchange Act introduced stock options in 1997 and The Korean Commercial Law also introduced this system in 2000 to meet the need for efficient incentive compensation plan which can align executives' and other employees' interest with those of shareholders. But on one hand the current law regulating stock options is so restrictive that it reduces the efficiency of stock options and on the other hand it has insufficient measures for self regulation by shareholders' monitoring. Consequently introduction of various stock optien plan design and legislative efforts should be made to ensure the efficiency and fairness of stock options. Several major points are to be considered as follows: Ⅰ. Exisiting way of regulating stock options in to restrict the conditions and procedures of granting stock options to ensure the fair administration of stock options. In this way, the considerable fairness could be secured, but it is difficult for companies to use stock options with various conditions as circumstances require. For the efficient use of stock options, the way of legal regulation on stock options should be changed to mitigate restrictions on stock options and to establish devices for self regulation. First of all, expanded disclosure on stock options and use of independent compensation committee should be considered. Ⅱ. In the case of traditional stock options, executives can make money if the company's stock price is higher than the fixed exercise price regardless of company's performance, so there is too weak correlation between compensation and performance and overcompensation problem emerges. Therefore, the most rational stock options plan structure is to adjust the exercise price of the stock option up or down, depending uopn the performance of a companu's stock such as a market index, an industry index, or some combination of both. Ⅲ. Executives have incentive t manipulate disclosure timing to keep their company's stock price high on the exercise day and to maximize the value of their stock options. However, securities law could not control those problems efficiently because stock option itself is not security accrding to securities law and executives have some discretion on the disclosure timing. Accordingly, the manipulation of disclosure timing should be understood as ijuries to the corporation caused from managerial conflicts of interests. To mitigate such conflicts of interests, stock option plans exercisable all at once should be avoided and various vesting schedule should be adopted. Ⅳ. The granting company's need to accelerate the exercise of premature stock options upon a corporation's merger with parties who may regard their survival as unacceptable should be considered. But accordig to current law, the vesting period of all the stock options is restricted to at least 2 years. In conclusion, in the case of granting company's merger, the restriction on the vesting period should be removed to accelerate the exercise of premature stock options.

산업도시의 활성화와 산업유산을 활용한 지역관광개발의 가능성

염미경 한국사회학회 2003 한국사회학회 사회학대회 논문집 Vol.- No.-

부실등기의 성립요건 -이사를 선임한 주주총회결의의 하자를 중심으로 -

염미경 한국상사법학회 2010 商事法硏究 Vol.29 No.2

The purport of the Korean Commercial Code article 39 is to protect a third person who believe the registration in good faith which is different from the truth. There are some problems on making an application of Korean Commercial Code article 39 when the resolution of the shareholder's meeting is rescinded by judgment or declared non-existence by a court. When a court decides to rescind the resolution of the shareholder's meeting on election of directors, the directors loose their status retroactively and the registration on the election of chief executive officer based on the rescinded resolution also becomes different from the truth. But a third person who believes the registration in good faith could be protected by Korean Commercial Code article 39 and the corporation could not assert that the registration on the election of the chief executive officer is invalid. In this case there is a expressed intention of corporation to elect directors although the resolution becomes invalid retroactively by judgment and the corporations itself is responsible for the registration which is base on the rescinded resolution On the contrary when there is a declaratory judgment on non-existence of the resolution of the shareholder’s meeting on election of directors based on the fake minutes, there is no expressed intention of corporation to elect directors even though the resolution is forged by a controling shareholder who has 50% of shares. Thereafter the corporations could insist that the registration on the election of the chief executive officer base on the non-existed resolution is invalid. The Supreme Court has the same opinion on this matter. But the Supreme Court did not explain why the corporation was responsible for the registration which was different from the truth when the resolution of the shareholder’s meeting on election of directors was rescinded by the court. The more concrete explanation by the Supreme Court would be expected on this case.

제주여성결혼이민자들의 결혼이주, 딜레마와 적응

염미경,김규리 지역사회학회 2008 지역사회학 Vol.9 No.2

이 글은 결혼이주를 선택한 ‘외국인’ 여성, 특히 제주사회에 살고 있는 여성결혼이민자들과의 심층연접자료를 중심으로 하여 그들의 결혼이주 선택과정과 딜레마, 그리고 적응과정을 살펴보았다. 자료 수집은 2007년 7월부터 10월까지 이루어졌다. 제주외국인근로자센터(제주이주민센터)와 서귀포종합사회복지관이 운영하는 관련 프로그램에 참여하는 여성결혼이민자들을 중심으로 해 눈덩이표집방법에 의해 조사대상자를 선정하였다. 분석결과는 다음과 같다. 여성결혼이민자들이 가정에서 겪고 있는 어려움 가운데 가장 큰 문제로는 언어소통, 문화갈등, 법적, 제도적 문제, 경제적 사정, 자녀교육 등을 들 수 있다. 특히, 언어차이로 인해 가정에서 일상적인 의사소통문제가 있는 것은 물론, 시댁과의 갈등이나 제사나 예절 등 한국 혹은 제주문화를 이해하는데 어려움을 겪고 있고, 이들의 의사소통문제는 다시 자녀교육에서의 어려움으로 연결된다. 앞으로 여성결혼이민자들을 위한 지원프로그램의 확대와 내실화도 중요하지만 여성결혼이민자들의 가족, 즉 시댁과 지역사회 차원의 관심과 지원이 필요함을 알 수 있다. 다시 말해, 여성결혼이민자들이 한국사회에 ‘적응’할 수 있도록 지원하는 활동도 중요하지만 문화적 다양성과 상대 문화에 대한 존중차원에서 남편과 시부모 등 여성결혼이민자들의 가족이 그들의 가족성원이 된 여성결혼이민자들의 문화를 이해할 수 있도록 돕는 프로그램이나 사업들이 마련될 필요가 있다. 이때 지역사회의 각 장(場)을 중심으로 한 다문화교육이나 인권교육은 무엇보다도 중요하다. In this article, we pay attention to this particular issue. We try to express the thought of the transition and life story of the 'foreign' women who opted for migration by marriage, in particular the female marriage immigrants who chose to live in Jeju society as well as their dilemma, discord and adjustments from their point of view. In this paper, we attempt to record some characteristics of the background of these 'foreign women' and some statements on their motive for moving and living in Jeju. In this article, we assume that the migration through international marriage is the best choice of 'foreign women' in their desire to improve their quality of life, and that their choice is an independent act. This includes their identity discord and the adjustments as well as cultural conflicts in their life as 'foreign women' who are adjusting themselves upon marrying into a culture new to them. This paper is an illumination of the lives of female marriage immigrants from Asia by retelling the story of their lives. Collection of oral data from July to October in 2007. Subjects of this investigation have been selected from a number of female marriage immigrants who participate in the programs operated by Jeju Migrant Workers' Center and Social Welfare Center of Seogwipo City. The sampling method used is snowball sampling. In selecting female marriage immigrants for oral data collection, we gathered those who were considering their migration course, their residency period, their hometown, and their possible Korean nationality acquisition, as well as presence of a child and a divorce experience. The paper shows how their interpretation of life has changed, the circumstances they dealt with, and their recognition of this situation.

일본 철강대기업의 고용합리화와 노조의 대응전략 : 신일본제철 야하타제철소의 사례 A Case Study of the Nippon Steel Yawata Works

염미경 한국산업노동학회 1998 산업노동연구 Vol.4 No.1

회사법 개정을 중심으로 살펴본 한국 회사법의 발전과정과 과제

염미경 영남대학교 민족문화연구소 2007 민족문화논총 Vol.36 No.-

Developments of Korean Corporate Law focused on it's revision

임원보수 공시에 관한 쟁점의 검토

염미경 한국금융법학회 2015 金融法硏究 Vol.12 No.2

After the global financial crisis in 2008, the scope of executive compensation disclosure has been expanded. Pursuant to Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission recently propose rules that would require many US SEC registrants to disclosure the relationship between executive compensation actually paid and the company's financial performance. It implies that In the US the most important criterion to assess executive compensation is the alignment of CEO pay with performance. ISS has multipronged approach to assessing executive compensation for the purposes of recommending a vote for or against the management say-on-pay proposal. The most important criterion is the pay- for-performance assessment, and that the most important factor under this pay- for-performance assessment is the alignment of CEO pay with total shareholder return. In Korea under the Financial Investment Service and Capital Markets Act §159(2), executive compensation more than 5 hundred million Korea won of any registered director at any listed company should be disclosed with the formula on the compensation. This article suggests that the disclosure of executive compensation should be applied to give shareholders information on pay-for- performance assesment. 금융기관 임원에 대한 과다한 보수가 2008년 금융위기의 한 원인으로 지목되면서, 임원보수에 대한 규제에 국제사회의 관심이 집중되었다. 특히 임원보수의 상세를 공시하여 과다한 보수를 억제하고, 보수에 대한 주주의 감독권을 강화하려는 노력이 지속되고 있다. 독일은 2005년부터 상장회사의 이사 개인별 보수를 공시하도록 하였고, 2009년에는 이사보수 적정성에 관한 법률(Das Gesetz zur Angemessemheit der Vorstandvergutung)을 제정하여, 보수에 대한 공시를 강화하고, 보수의 적정성까지 규제하고 있다. 미국도 2010년 광범위한 금융규제개혁을 내용으로 하는 도드-프랭크 월가개혁 및 소비자보호법(Dodd-Frank Wall Street Reform and Consumer Protection Act, 이하 도드-프랭크법이라 함)을 제정하여, 임원보수승인에 관한 권고결의를 도입하고, 임원보수에 대한 공시를 강화하였다. 특히 임원보수와 기업의 성과를 공시하게 하고, 임원보수와 종업원 평균보수의 비율에 대한 공시를 의무화하여, 보수의 금액뿐만 아니라 보수와 성과의 연관성 및 임원보수와 종업원보수의 격차에 대하여도 주주에 의한 감시를 받게 하였다. 일본의 경우는 우리나라와 마찬가지로 상장회사의 임원보수에 대하여 보수총액만 공시하도록 하였으나, 기업내용 등의 공시에 관한 내각부령을 개정하여, 2010년부터 1억엔 이상의 보수를 지급받는 상장회사 임원의 보수를 개인별로 공개하게 하였다. 이와 같은 상황에서 우리나라에서는 2013년 5월, 임원에게 개인별로 지급하는 보수와 보수를 산정하는 기준 및 방법을 사업보고서에 기재하도록 함으로써 임원의 보수에 대한 통제 및 감시 기능을 강화하고 기업경영의 투명성을 제고한다는1) 취지하에, 자본시장과 금융투자업에 관한 법률이 개정되었고, 5억원 이상의 보수를 받는 등기임원에 대하여 개인별 보수와 산정기준 및 방법을 공시하게 되었다. 미등기임원이 공시대상에서 제외되어 보수공시대상이 되는 임원의 범위가 지나치게 좁고, 특히 보수산정의 방식에 대한 공시가 형식적으로 이루어져, 주주와 투자자에게 필요한 정보를 제공하기 어렵다는 등의 문제가 제기되었다. 또한 이사의 보수는 상법에 따라 주주총회에서 결정하는데, 이사 개인별 보수와 산정방식을 공시하게 하는 것은 불필요한 규제라는 비판도 적지 않다. 이 글에서는 미국의 도드-프랭크법 시행에 따라 강화된 임원보수 공시기준을 분석하고, 동법률의 시행이 임원보수 공시제도에 가져온 변화와 최근의 입법동향에 대하여 살펴본다. 이를 바탕으로 우리나라 임원보수 공시제도의 운영에 관한 쟁점을 검토하기로 한다.