Derivative Suit is prescribed the current Commercial Code from Article 403 to Article 406 and 6 of Article 542 Section 6 as system to recognize accountability for the director of the company to shareholders. Namely This is the system to expand the sta...
Derivative Suit is prescribed the current Commercial Code from Article 403 to Article 406 and 6 of Article 542 Section 6 as system to recognize accountability for the director of the company to shareholders. Namely This is the system to expand the standing to sue of accountability to the minority shareholders of the company wish to protect minority shareholders and improve the transparency and accountability of the company. Now It can be a problem of being able to admit a double derivative suit or multiple derivative suits with respect to standing to sue can be extended as far as shareholders of the parent company of company belongs to the directors concerned. The past, the Department of Justice effort to introduce a double derivative suit in the Amendments to the Commercial Code in 2007, but eventually the discussion was collapsed because the opposite of politics and financial, and discussion was no introduction ever since. Now Park Geun-hye was elected in the 18th presidential election was proposed to be a commitment on the part of the policy that be able to introduce a multiple derivative suits in order to realize the democratization of the economy. It must have been very inspiring true in reaffirmed that the expansion of standing to sue requires in derivative suit. Besides revised Commercial Code on April 14, 2011 has stipulated the forced sale claims of minority shares by controlling shareholders and directors` liability immunities by incorporation in 24 of Article 360 and Article 400. This is able to be judged as weaken significantly legal means of minority shareholders to collateral transparency and accountability of the company. And so it was necessary to expand of standing to sue as realistic complement. Therefore, I would like to seek to problems and improvement after check status of the derivative suit as a way of comparative legal in this paper.