상법상 이사의 책임제한에 대한 연구

This article deals with limitation of director’s liability. It is required all shareholders’ consent that a director’s liability be released under Korean Commercial Code. It is absolutely impossible to get all shareholders’ consent in shareholder meeting, especially in the listed company’s meetings. In Japan, until the revision of 2001 Japan Commercial Act has had the same regulation as in Korea. However, 2001 Commercial Act and 2005 Corporation Act have allowed the limitation and mitigation of directors’ liability. In the United States, since Smith v. Van Gorkom the development in permitting reasonable protection of directors’ from exposure of personal liability, so that directors would not be discouraged from fully and freely carrying out their duties, including risk-taking business. Model Business Corporation Act allows the inclusion of a provision in the articles of incorporation eliminating or limiting, with certain exceptions, the liability of the directors to the corporation or its shareholders for money damages. Almost states and ALI regulations have the similar position. One hand, in discharging their duties directors must always perform in good faith and in a manner reasonably believed to be in the best interests of the corporation. On the other hand, the business judgment of the board has also been protected under the above stated principles. Although 2007 Draft of Commercial Code offers the exemption of directors’ liability against the company, it does not have effectiveness due to the impossibility of getting all shareholders’ consent. Moreover, a division between negligence and gross negligence is to be considered toward the admission of proportionate liability in the future.