외국에서의 주주행동주의의 한계와 개선과제 ―영국과 미국의 기관투자자 행동주의를 중심으로―

Recently, Shareholder Activism is becoming important issues in most countries. In Korea, Shareholder Activism is developing after IMF financial crisis of 1997. This article focus on the present situation, limits and problems, and some proposals for improvement of Institutional Investor Activism in UK and USA. The limits are the agency problems, lack of monitor and private benefits of control, incentive cost, regulatory huddles, free-rider problems et al. And the effect of Institutional Investor Activism is studied, especially the effect of CalPERS activism is studied. The some proposals for improvement of Institutional Investor Activism are the way of shareholder activism, legal environment, the role of institutional investors, proxy exchange, and the role of government. Especially, in regard to legal environment, the shareholder meeting and board of director are focused. The role of institutional investors is focused, the contents are the one-one meeting of corporation and institutional investors, improvement of voting rights way is studied. The Institutional Investor Activism in UK and USA provides us with good prospects. Our country have to prepare the best model to be able to minimize limits and problems the Institutional Investor Activism in Korea. We need to make best model for the involvement for shareholder, therefore we are able to make good corporate governance. In this regard, the role of government is very important. And with government, the willpower and efforts of company are significant. We have to make formal regulation and improve corporate culture. And shareholder also need to make an efforts to monitor corporation as owners of company and to have much interested in voting rights.