주주의 주식 보유목적에 대한 해석・공시방안에 관한 연구 -한진칼 사건 및 삼성물산 사건을 중심으로-

As asset prices soared and the infrastructure for non-face-to-face economic activity developed, individual investors' participation in the stock market increased. In 2016, the 「Principles on Institutional Investors’ Trustee Responsibility」 (the so-called ‘Korean Stewardship Code’) was introduced and implemented. Gradually, the mode of exercise of shareholder rights by individual and institutional investors is also changing to an active mode. The Financial Investment Services And Capital Markets Act(“Capital Markets Act”) classifies the purpose of stock holding by shareholders according to the content and method of exercise of shareholder rights under the Commercial Act. Different types of disclosure obligations are imposed depending on the purpose of holding stock. In January 2020, the Capital Market Act was amended to activate the stewardship code, etc. In line with the changing patterns of exercise of shareholder rights, such as the active expression of opinions by individual and institutional investors, it is necessary to provide accurate information related to changes in or influence on corporate control. To this end, by restricting the scope of the 'purpose to influence management' and applying the disclosure regulations by classifying the purpose of stock holding of shareholders more strictly, it is possible to increase the flexibility of exercise of shareholder rights or shareholder activities and reduce legal uncertainty. In accordance with this principle, it is necessary to operate the reporting system under the Capital market Act to accurately disclose and inform investors of the purpose of holding stocks.