일본 임원보수의 공시규제에 관한 연구

Japan has been trying to improve the corporate governance and to reform the disclosure of executive compensation in order to strengthen corporate competitiveness in the progress of globalization. The purpose of this study is to suggest a plan to reform the regulations on executive compensation disclosure in Korean companies through literature study, fact-finding survey and case study on the major status, characteristics and challenges of the Japanese policies and systems on the disclosure of executive compensation. The Financial Services Agency has recently announced a new rules to disclose executive compensation individually, set by the Financial Instruments and Exchange Act that executives receiving more than 100 million yen in executive compensation should disclose their compensation from March 31, 2010. Until that time, according to the executive compensation disclosure rules introduced in 2004, the executive compensation had been only disclosed the amount of total executive compensation. In Japan, the main purpose of executive compensation disclosure regulations is to improve the transparency of corporate management and the interest of shareholders rather than to regulate excessive executive compensation, therefore those compensation policies and plans might be expected to be more systematic. Japanese companies should not simply imitate executive compensation system of developed countries but develop their own executive compensation policies and systems by considering a Japanese company-specific decision-making system and the relevance of executive compensation to maintain their operational strengths and business appropriateness. In conclusion, to strengthen corporate competitiveness, the regulations on executive compensation disclosure in Korea should be more systematically developed likewise Japan and other developed countries, and the social dialogue on this issue is expected to take a large step forward.