복수의결권 도입에 관한 연구

Dual Class Voting Rights is a valuable system that can alleviate managerial anxiety in the founder due to stock dilution while inducing investment. While Dual Class Voting Rights is already practiced in many countries, numerous other countries prevent their companies from doing the same, including South Korea, which create issues when aforementioned companies attempt an IPO in countries permitting Dual Class Voting Rights. Several attempts towards the adoption of dual class voting rights have petered out until recently, due to inherent issues in South Korea’s Conglomerate-oriented economy. Cross-shareholding/circular shareholding and hereditary succession in particular contribute to an apprehension towards adopting Dual Class Voting Rights from the major corporations, as there are concerns that corporate governance and the management right of hereditary successors will be thrown into jeopardy by a significant shareholder. It was caused but the Coupang [쿠팡] IPO in the US. The Coupang IPO was conducted in the US with foresight by the company management. In their effort to attract global funding, they issued a low share of dual class voting rights stock to garner investment and maintain the integrity of their management rights. It is highly likely that we may witness an exodus of promising corporations to foreign countries, if South Korea continues to lag behind other countries on the adoption of Dual Class Voting Rights. In addition, with the establishment of Dual Class Voting Rights, corporations can concentrate more resources on research and development as opposed to wasting their company resources on maintaining stable management rights. There are consequences that need to be accounted for when instituting Dual Class Voting Rights, such as not infringing on the rights of minority shareholders and preventing management rights from lying solely in the hands of hereditary successors. This study intends to present alternatives by referring to foreign case studies on the necessity of introducing a Dual Class Voting Rights, the precautions to take in its introduction, and preventing infringement of the rights of minority shareholders.