株式會社 理事의 內部統制義務에 관한 硏究 -대법원 2008.9.11. 선고 2006다68636 판결-

Publicly held corporations need to establish effective internal control system in order to minimize their loss resulting from illegal acts or misconduct of the management. The establishment of internal control system may contribute to improving corporate governance. Therefore, the board of directors of the publicly held corporations is ultimately responsible for establishing internal control system. As a result, a director has a duty of internal control in the publicly held corporations. In America, establishment of internal control system in the publicly held corporations should be enforced under the Sarbanes-Oxley Act. The American courts confirm that a director has a duty of care related to internal control in the publicly held corporations. In Japan, both Corporation Act and Act of Transaction of Financial Products require that the board establish internal control system under the publicly held corporations. Actually, the Japanese court judged in the Daiwa Bank case of 2000 that the company should establish effective internal control system and, therefore, a director should have a duty to monitor internal control system as well as a duty of internal control. In recent cases over the accounting scandals of the Daewoo Corporation, the Supreme Court judged that a director of the publicly held corporations had a duty of internal control. That is to say, internal control system is necessary effectively to carry out the monitoring functions of the board under the publicly held corporations. In the context of the making of good corporate governance, it is necessary for the publicly held corporations to reinforce and improve internal control system in Korea.