Recent Amendments to the Korean Commercial Code and Their Effects on International Competition
University of Pennsylvania Journal of International Economic Law, Vol. 21, No. 2, 2000
Posted: 8 Dec 2000
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Recent Amendments to the Korean Commercial Code and Their Effects on International Competition
Abstract
Corporate law in Korea has undergone a dramatic transformation in recent years. In an effort to revamp Korean corporations, the Korean government made sweeping reforms to Korea's Commercial Code (sang-bup) three times in the past four years -- in 1995, 1998, and 1999.
These newly amended provisions have set in motion unprecedented changes for the Korean corporate environment. Korean management is finally beginning to be monitored and challenged in a more meaningful manner, while at the same time, directors and auditors have gained both renewed authority and responsibilities. Shareholder rights have been strengthened to levels previously unimaginable by Korean standards.
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